wantonsoup
Well-known member
I leased a Leaf in 2013 in Colorado. Long story short I trusted TurboTax with my 2013 taxes and they completely ignored my Colorado State EV tax credit so I got nothing. I'm going to refile on paper and do it correctly to get the money!
I know you have the choice to do either the 2010-2013 or the 2013-2021 model year method. I'm going to do the 2010-2013 method because it's slightly more (or a lot more, which is my question!).
I got the 17-page packet about how to figure it all out. Worksheet 1.3 on page 4 is for figuring out a leased EV. Of course, the dealer retains the $7,500 Federal Tax credit on leases. So on line 2 "Any grant, credit, or rebate reflected in the lease" I put $7,500. They put the $7,500 down as a "rebate" on the contract in a few places. Using all these numbers you compute your Leased Vehicle Factor. 0.12 in my case.
But then on Page 3 Worksheet 1.1, Line 2 is "Any available federal credit (see http://www.irs.gov)". Am I supposed to put ANOTHER $7,500 here??? If I do, my tax credit drops by almost $700. But it's so specific it feels like I have to acknowledge it. But perhaps it means the tax credit that I personally would qualify for, which is zero. I don't know. I don't want the whole thing to be declined of course.
Any help? To those that leased starting in 2013 and using the old calculation method, what did you do? Thanks!
I know you have the choice to do either the 2010-2013 or the 2013-2021 model year method. I'm going to do the 2010-2013 method because it's slightly more (or a lot more, which is my question!).
I got the 17-page packet about how to figure it all out. Worksheet 1.3 on page 4 is for figuring out a leased EV. Of course, the dealer retains the $7,500 Federal Tax credit on leases. So on line 2 "Any grant, credit, or rebate reflected in the lease" I put $7,500. They put the $7,500 down as a "rebate" on the contract in a few places. Using all these numbers you compute your Leased Vehicle Factor. 0.12 in my case.
But then on Page 3 Worksheet 1.1, Line 2 is "Any available federal credit (see http://www.irs.gov)". Am I supposed to put ANOTHER $7,500 here??? If I do, my tax credit drops by almost $700. But it's so specific it feels like I have to acknowledge it. But perhaps it means the tax credit that I personally would qualify for, which is zero. I don't know. I don't want the whole thing to be declined of course.
Any help? To those that leased starting in 2013 and using the old calculation method, what did you do? Thanks!