EV Charging Station Tax Credit - 2023 Changes (low-income or non-urban locations only)

[Zaptor]

Of course every situation is different but I was able to claim the $15K for the two EV's since I had tax liability greater that 15K (1040 line 16). But I wasn't able to claim the ~$200 credit for charger infrastructure (installing my FCSP) due to the AMT clause mentioned above.

Yeah the tax liability isn't the issue, def more than $15k but as I am not a CPA I will just cross my fingers and hope that the one I employ can work it out for me. Thanks for giving me hope and yeah, don't care about the couple hundred for the electrical work but $15k *was* expected given the press on the credits...

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[RickLightning]

Just played around with TurboTax 2023 now that they have the EV form in, and realized I may have miscalculated a tiny bit and lost out on about $200 total. Tried to cut it too close.

 

[bmwhitetx]

Just played around with TurboTax 2023 now that they have the EV form in, and realized I may have miscalculated a tiny bit and lost out on about $200 total. Tried to cut it too close.

Here's hoping you forgot something. Past conversations with wife:
1. (December) "Think we're going to get a $800 refund"
2. (January) "Now only getting $300
3. (April, after all forms in) "Now we owe $100"

She ignores all my statements until April now.

 

[RickLightning]

Here's hoping you forgot something. Past conversations with wife:
1. (December) "Think we're going to get a $800 refund"
2. (January) "Now only getting $300
3. (April, after all forms in) "Now we owe $100"

She ignores all my statements until April now.

I did everything right in my estimating, except forgot that the tax brackets were shifting up a bit. That moves some income down to a lower bracket, which meant my tax dropped. May not be correct, I won't be filing before April 15th anyway, but it appears I should have upped my Roth conversion a tad to generate some more tax. Missing by just under $200 tax isn't a big deal in the big picture.

 

[RichB-HTX]

Thanks I did not know this. It’s really illogical that they made this differentiation.
I installed my home charger at home, obviously, its location location does not qualify. I also have a charger at our ranch 100 miles away, it does qualify.

at least I can get the credit on that one.

 

[sstevetx]

I haven't filed yet, but entered my Charger costs in TurboTax which would get me $190 back. Just checked my census tract from this thread and I don't quality. That sucks, but at least I don't have to worry about it coming back to bite me later if I had filed it in error.

 

[brewski]

Well Gov't, first I lost my EV tax credit by 30 days because I make too much.
Now I lost any tax benefit to the charger I installed because my neighborhood is in a nice area.
Isn't it strange how EV sales have tanked lately?
I'm not ignorant enough to think it is all tax benefit based...but it would be interesting to see how the purchase numbers changed as the tax benefits waned (I know, it would be tough to figure out as interest rates also increased).

 

[bmwhitetx]

Well Gov't, first I lost my EV tax credit by 30 days because I make too much.
Now I lost any tax benefit to the charger I installed because my neighborhood is in a nice area.
Isn't it strange how EV sales have tanked lately?
I'm not ignorant enough to think it is all tax benefit based...but it would be interesting to see how the purchase numbers changed as the tax benefits waned (I know, it would be tough to figure out as interest rates also increased).

Remember that the income limit applies to the lesser of 2023 or 2022 income. If either one is less than the limit you qualify. Make sure you look at Part 1 of the form. Line 5 determines if you qualify.

 

[brewski]

Remember that the income limit applies to the lesser of 2023 or 2022 income. If either one is less than the limit you qualify. Make sure you look at Part 1 of the form. Line 5 determines if you qualify.

Doesn't help, but thanks for the thought.

 

[Amps]

I should have upped my Roth conversion a tad to generate some more tax.

If only...the Roth conversion window could be open after January 1st like in the good ol' days.


Edit: Don't forget our dear friend IRMAA when applying the Roth Rocket Science calculation!

 

[bmwhitetx]

Doesn't help, but thanks for the thought.

I just noticed your signature says Platinum with possession in Jan 2023. Those weren't eligible anyway because they were over $80K, right?

 

[TaxmanHog]

I just noticed your signature says Platinum with possession in Jan 2023. Those weren't eligible anyway because they were over $80K, right?

Exactly, but if he were lucky enough to take delivery prior to 1/1/23 then he could have gotten the credit.

 

[MM in SouthTX]

Hold on. There are other tax credits. There is a tax credit to upgrade your electrical service. You would have to exclude the cost of the charger at least, but... https://www.energystar.gov/about/federal_tax_credits/electric_panel_upgrade

Okay, help me out with this please. I had thought, like you, that the electrical upgrade was eligible for a tax credit, but your link does not include EV charging as an example of eligible use cases:

What Qualifies for this Credit?
Any improvement to, or replacement of, a panelboard, sub-panelboard, branch circuits, or feeders which:

1. is installed in a manner consistent with the National Electric Code,
2. has a load capacity of not less than 200 amps,
3. is installed in conjunction with, and enables the installation and use of:
   • any qualified energy efficiency improvements, or
   • any qualified energy property (heat pump water heater, heat pump, central air conditioner, water heater, furnace or hot water boiler, biomass stove or boiler)

Clicking on the Electric Vehicles link to the left doesn't point me in the right direction, nor does reading the instructions for IRS Form 8911. Can you find anything that says that there is a tax credit for electrical upgrades that are for EV charging?
Thanks.

 

[RickLightning]

Okay, help me out with this please. I had thought, like you, that the electrical upgrade was eligible for a tax credit, but your link does not include EV charging as an example of eligible use cases:

What Qualifies for this Credit?
Any improvement to, or replacement of, a panelboard, sub-panelboard, branch circuits, or feeders which:

1. is installed in a manner consistent with the National Electric Code,
2. has a load capacity of not less than 200 amps,
3. is installed in conjunction with, and enables the installation and use of:
   • any qualified energy efficiency improvements, or
   • any qualified energy property (heat pump water heater, heat pump, central air conditioner, water heater, furnace or hot water boiler, biomass stove or boiler)

Clicking on the Electric Vehicles link to the left doesn't point me in the right direction, nor does reading the instructions for IRS Form 8911. Can you find anything that says that there is a tax credit for electrical upgrades that are for EV charging?
Thanks.

It appears you are correct when I took a quick look at this just now.

 

[MM in SouthTX]

It appears you are correct when I took a quick look at this just now.

Sadness. I really thought it was a thing but maybe "was" is the operative word. I will submit to my CPA and see what he comes up with.

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