Amended return rejected

[djsider2]

OP, keep us up to date. Hopefully it's an error somewhere.

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[Whatever_this_is]

So instead of amending to get the $7500 on the 2022 tax return, you'll instead try to meet all the requirements for March 2023, which I believe is

1. Vehicle under 80k.
2. Income under 150/300/???

I assume you were also pre price increase pricing since I don't think there's a under 80k R1S

That can’t be right, so then the binding agreement doesn’t do anything for anyone with post price increase

 

[SANZC02]

So instead of amending to get the $7500 on the 2022 tax return, you'll instead try to meet all the requirements for March 2023, which I believe is

1. Vehicle under 80k.
2. Income under 150/300/???

I assume you were also pre price increase pricing since I don't think there's a under 80k R1S

Correct, I picked up in January, sticker was 79k just need to keep AGI under 300k.

Being retired it is pretty easy to adjust when I pull the income.

 

[VSG]

If you owed taxes with your return this gives you a credit toward that. It’s not a rebate that pays out if already got a refund.

Umm, it has nothing to do with whether you got a refund or whether you had to send a check in with your return.

The only thing that matters is your total tax liability. If your total tax liability is > $7,500 then you can get the full 2022 credit regardless of whether you overwithheld (and got a refund check) or underwithheld (and had to send in a check). If your total tax liability is < $7,500, then you will only get a partial credit because in no case will this reduce your liability to less than $0.

 

[PappaBolt]

Umm, it has nothing to do with whether you got a refund or whether you had to send a check in with your return.

The only thing that matters is your total tax liability. If your total tax liability is > $7,500 then you can get the full 2022 credit regardless of whether you overwithheld (and got a refund check) or underwithheld (and had to send in a check). If your total tax liability is < $7,500, then you will only get a partial credit because in no case will this reduce your liability to less than $0.

longhand for what I meant

 

[Electrified Outdoors]

What was your total tax obligation before on your original return? This would be line 24 on form 1040. That is the maximum amount you would receive back by amending the return.

Note I am not a financial advisor and this is not financial advice.

 

[Arnie1]

I had no problem using Turbox Tax to get mine.

I followed the advice from this thread. https://www.rivianforums.com/forum/threads/turbo-tax-instructions-for-ammended-22-tax-credit.17405/

Maybe you didn't fill in the correct date?

where, how do you get the Rivian binding agreement letter?

 

[Polar]

This is one of the reasons I am thinking I am going to push my delivery out to January. I already got a full refund for 2022. I am not sure it will help me.

WIll have to take to my tax advisor.

That will absolutely make zero difference- the amended return will only affect the 2022 return. Doesn’t matter if you file it this year, next year or 2025 - it’s based on 2022 numbers.

**Assuming here you are talking about an amended return for pre IRA (pre Aug 2022) former EV credit.

 

[MrMusAddict]

This is one of the reasons I am thinking I am going to push my delivery out to January. I already got a full refund for 2022. I am not sure it will help me.

WIll have to take to my tax advisor.

That will only work if you have a configuration under $80k. And in this case, it would affect the 2024 taxes that you file in 2025.

Alternatively if it's under $80k, and you think you'll have over $7500 liability for 2023's taxes, you can accept delivery this calendar year and not utilize the Binding Agreement when you file in 2024.

If you're above $80k, your only chance of a credit is to utilize the Binding Purchase Agreement, and amend your 2022 returns.

 

[emoore]

where, how do you get the Rivian binding agreement letter?

They sent it to reservation holders in August of 2022. You needed to sign it by Aug 16 2022 or sometime around that date for it to be effective. You can’t do it now.

 

[TollKeeper]

That will only work if you have a configuration under $80k. And in this case, it would affect the 2024 taxes that you file in 2025.

Alternatively if it's under $80k, and you think you'll have over $7500 liability for 2023's taxes, you can accept delivery this calendar year and not utilize the Binding Agreement when you file in 2024.

If you're above $80k, your only chance of a credit is to utilize the Binding Purchase Agreement, and amend your 2022 returns.

Im at 75500.. So I would have to take delivery this year? I was thinking more of the rebates, which I thought was a 2024 thing?

I never pay into the taxes more than 4-5000. I also always get a full refund on every dollar I put in.

 

[Supratachophobia]

Good morning,
They actually didn't say why it was rejected. I got a letter stating the amount due was $0. It noted "we made the changes you requested to your 2022 form 1040 to adjust your tax credit. As a result you don't owe us any money, nor are you due a refund." There is then a section that says if you agree, nothing to do, if you don't agree call us. I called and they noted a tax advocate will call me in 30 days. I reached out here to see if this had occurred with anyone else since we are a small community,. The date of purchase I had written was August 15, 2022.

Thank you for the input, sounds like others have had success so hopefully it's an error on my part. I'll keep my fingers crossed and check out more details on the other threads.

You probably didn't have enough tax liability due to too many write-offs. Are you 1099?

 

[sfvR1S]

Glad I saw this. I need to amend my '22 returns since I signed the binding purchase agreement prior to 8/16/22.

 

[lefkonj]

My understanding is the 7500 is a credit not a refund.

If you owe 7500 you file for the credit and owe nothing
If you owe 3000 you file for the credit and owe nothing but lose the 4500

How it's built? My taxes had the 7500 on it and it went through fine.

 

[MrMusAddict]

Im at 75500.. So I would have to take delivery this year? I was thinking more of the rebates, which I thought was a 2024 thing?

I never pay into the taxes more than 4-5000. I also always get a full refund on every dollar I put in.

Definitely talk to a tax specialist in order to verify how much money you'll get then.

But as far as qualification for the credit goes, you can take delivery either this year or next year. Since you're under $80,000, you don't have to use the binding contract at all.

If you take delivery this calendar year, your 2023 tax liability will be reduced by up to $7500 when you file taxes in 2024.

If you take delivery next calendar year, your 2024 tax liability will be reduced by up to $7500 when you file taxes in 2025.

But if you've been getting a full refund every year, and your tax liability is $0, then the credit won't give you any money.

This only applies to the federal tax credit. If your state does any rebates, then that may work differently.

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