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D
DKerrCPA
Level 3
June 6, 2024
Question

EV credit and AGI

  • June 6, 2024
  • 1 reply
  • 8 views

Why is Lacerte allowing the EV credit when my single filing client's AGI is over 150K?

    This topic has been closed for replies.

    1 reply

    PhoebeRoberts
    PhoebeRobertsIntuit Community Champion
    Intuit Community Champion
    June 6, 2024

    "You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the 2 years, you can claim the credit."
    https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

      D
      DKerrCPAAuthor
      Level 3
      June 6, 2024

      I found my mistake.  If you don't enter an amount in the 2022 AGI box, then Lacerte assumes it was zero and allows a 2023 credit regardless of the AGI.  This needs a programming fix.  Hope they take care of that in 2024 Lacerte.

      abctax55
      abctax55
      Level 15
      June 6, 2024

      I'm curious how Lacerte would 'know' the prior year AGI if you didn't use it to prepare the prior year return?

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