Dsinned
Well-known member
Fwiw, I usually dread this time of year, and April 15th in particular. It's almost time to pay income taxes, but this time will be different! I worked on my 2012 federal and state tax returns over the weekend, and claimed the full amount for the EV Tax Credit. In fact, I claimed TWO EV tax credits totally $15,000! This is because last year I decided to go all out for green cars and purchased not one, but TWO EVs; one for me (Chevy VOLT) and another for my wife (RAV4 EV)!
This is the first set of tax returns in many, many years - decades in fact, where I got all my federal withholding back as a FULL refund! I even scored a fairly big refund from the State as well, not counting the EV rebates, which I already received. The latter totalled $4k ($1500 for my 2012 VOLT and $2500 for my 2012 RAV4 EV). VERY NICE!!!
I won't get my five figures refund from the IRS for a more few weeks, via direct desposit, but it will be a GREAT day when I do!
It wasn't entirely a "windfall tax season" however, because I did NOT get the personal tax credit (worth up to $1000) for "investing" in EV battery charging equipment. I'm not sure why, but after filling out the supplemental IRS form, I was not deemed eligible to claim anything. Last year, I shelled out nearly $2400 for two L2 EVSE home charging stations installed in my garage. The last minute Fiscal Cliff legislation Congress enacted at the end of last year supposedly extended the tax credit for this thru 2013. Anybody else get nixed out of this one?
Btw, I did my taxes "online" using TAXACT, which I highly recommend. Both Federal and State online electronic filings only cost $14. Totally painless!
As an aside, this is turning out to be the ONLY advantage of buying a RAV4 EV last year. Since December, extremely sluggish sales has resulted in massive Toyota rebates, dealer discounting and further inducements to purchase such as 0% APR financing. I paid close to sticker, and only got 1.9%APR, and NO CASHBACK from Toyota. Ample reason for a good case of buyer's remorse! However, in a few weeks I will have $15,000 (total tax credits for purchases in 2012) of Uncle Sam's money and there is no finer feeling or reward for buying not one, but TWO phenomenal EVs mostly before everyone else! :mrgreen:
This is the first set of tax returns in many, many years - decades in fact, where I got all my federal withholding back as a FULL refund! I even scored a fairly big refund from the State as well, not counting the EV rebates, which I already received. The latter totalled $4k ($1500 for my 2012 VOLT and $2500 for my 2012 RAV4 EV). VERY NICE!!!
I won't get my five figures refund from the IRS for a more few weeks, via direct desposit, but it will be a GREAT day when I do!
It wasn't entirely a "windfall tax season" however, because I did NOT get the personal tax credit (worth up to $1000) for "investing" in EV battery charging equipment. I'm not sure why, but after filling out the supplemental IRS form, I was not deemed eligible to claim anything. Last year, I shelled out nearly $2400 for two L2 EVSE home charging stations installed in my garage. The last minute Fiscal Cliff legislation Congress enacted at the end of last year supposedly extended the tax credit for this thru 2013. Anybody else get nixed out of this one?
Btw, I did my taxes "online" using TAXACT, which I highly recommend. Both Federal and State online electronic filings only cost $14. Totally painless!
As an aside, this is turning out to be the ONLY advantage of buying a RAV4 EV last year. Since December, extremely sluggish sales has resulted in massive Toyota rebates, dealer discounting and further inducements to purchase such as 0% APR financing. I paid close to sticker, and only got 1.9%APR, and NO CASHBACK from Toyota. Ample reason for a good case of buyer's remorse! However, in a few weeks I will have $15,000 (total tax credits for purchases in 2012) of Uncle Sam's money and there is no finer feeling or reward for buying not one, but TWO phenomenal EVs mostly before everyone else! :mrgreen: