The Qualified Electric Vehicle Credit was available for certain new electric vehicles purchased between February 18, 2009 and December 31, 2011. Thereafter, any unused credit is only available to be included in the return if it's being carried forward as a passive activity credit on Form 8582-CR, Passive Activity Credit Limitations.
Passive activity credits allowed for the current tax year are calculated on Form 8582-CR. The credit carryforward to the current year is entered on the first line of this form. TaxSlayer Pro will pull values from return that are needed to determine amount of allowable credit. The lesser of the carryforward or the current year's allowable credit will be included in Schedule 3 (Form 1040).
To access the Qualified Electric Vehicle Credit in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select:
- Qualified Electric Vehicle Credit (8834)
- Passive Activity Credit Allowed for 20xx - Enter the allowable amount from Form 8582-CR.
Note: For electric plug-in vehicles purchased in current tax year, use Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit
Note: This is a guide to entering the qualified electric vehicle credit carryforward into the TaxSlayer Pro program. This is not intended as tax advice.