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What do i need to file $7500 tax credit

10K views 16 replies 12 participants last post by  arteitle 
#1 ·
Hello,
Just purchased Pacifica Hybrid Limited. I just received regular bill of sale and finance papers.
Do i need anything else in order to get the $7500 tax credit? the dealer said they dont provide anything else.
Some online articles says i would need IRS certificate from dealer that says this car qualify for the credit.

thanks,
P
 
#2 ·
As far as I know, you don’t need anything else. Simply file your taxes as before, add the pachy purchase in the appropriate column and it should show up. If you owe more than $7500, then it will be credited automatically. If you owe less than that, you lose the balance credit.
May be the actual pachy owners could chime in.


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#3 · (Edited)
Nobody can answer this it depends on state.. you need to find out of it's still offered for you. The rebate only applies of vehicles have not met their demand.. some states it could be as low as 10K vehicles beyond that you don't get the rebate.. but again depends on state.

Maybe contact IRS? But I doubt if they will know either.. I guess you can always file and claim ignorance if you get audited.. the laws are not very clear on this
 
#4 ·
I believe the OP is asking about $7500 federal rebate. That he should get regardless of which state he resides in. The state tax credit is separate and will be decided by individual states. Someone correct me if I’m wrong.


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#13 · (Edited)
Your not wrong, but there is more detail to share so folks don't make a mistake and buy a Pacifica thinking it's a smokin' deal because they will get the $7,500 for sure. I'd hate to see folks get an unpleasant surprise come April 15th.

As of today (the law could change) this is a $7500 nonrefundable federal tax credit that may not be carried forward to future years or carried back. That means if you do not have a $7500 tax liability (not refund, not amount withheld from your paycheck, TAX LIABILITY) in the year you purchase then you lose out on the tax credit dollar for dollar to the extent your tax liability is less than $7,500. There's an interplay with the child tax credit (refundable) where you can still get some money back in your pocket but that is limited to $1,400 per child.
 
#6 ·
#8 ·
If I were you, I would wait 2 more weeks and then buy it for the next year tax credit. At least you won’t have to worry.


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#16 ·
As of now, I may be one of them, since I signed them to deduct everything from my paycheck before I get it (to hopefully avoid the unpleasant surprise during tax day). But this can be quickly remedied by asking the payroll dept to stop deducting from future paychecks in case I plan to buy something like a Pachy or other energy saving tax credit offering contraptions.
 
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