Electric vehicle tax credit (3 Legacy Votes)

So, got one of them Teslas in 2018. There's a tax credit; it's on IRS Form 8834 which, natch, is not one of the ones in the pull-down list in the tax planner.
So, selected tax-related in a new category for the purchase transaction in the amount of $7500 and manually put in a tax credit in the tax planner (User Entry). But, given that electric vehicles from multiple manufacturers are going be entering the market for quite a few years now, wouldn't it be a good idea if this got added to Quicken/Quicken Tax Planner in a more organized fashion? Those of us who estimate taxes care :-).
3 votes

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  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited June 2021
    A moderator changed your question to an Idea.
    Ideas are supposed to be brought to the attention of the programmers.

    Sounds to me like this would be a good idea, to be implemented in a future release of Quicken, at least for as long as the government is willing to allow this tax credit.

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  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    There are two different types of tax credits for tax returns:  Refundable (reduces tax owed and will refund any additional credit remaining) and Non-Refundable (reduces tax owed but any additional amount is not refunded).  There should be 2 tax credit entries (even if just manual entries) to account for this. 
    And it would be great if the tax credit entry fields were a standalone section in the Tax Planner instead of under the AMT section.  While Tax Planner does appropriately use the credit entered under the AMT section, it is not intuitive that Tax Planner will do that for people for whom AMT is not applicable.  Also, if it is a standalone section it could be set up to allow for multiple tax credit entries since there are quite a few different tax credits available.
    (Yes, I did vote for this improvement.  Hopefully many more people will vote for it, too.)
    (QW Premier Subscription: R44.20 on Windows 10)