Get 1545-1374 97 Attachment Sequence No - Irs

Filling out the 1545-1374 97 Attachment Sequence No - Irs form online is a straightforward process that helps users claim the qualified electric vehicle credit. This guide provides step-by-step instructions to assist you in correctly completing the form.

Follow the steps to successfully complete the form online.

1. Press the ‘Get Form’ button to obtain the form and open it in the editor.
2. Fill in the name(s) shown on your tax return in the appropriate field at the top of the form.
3. In Part I, list each qualified electric vehicle using a separate column for each. If additional columns are necessary, you may use extra Forms 8834 and total the amounts on line 7.
4. Enter the cost of the vehicle on line 1.
5. Input any Section 179 expense deduction you claimed for this vehicle on line 2, referring to Part I of Form 4562 for guidance.
6. Subtract the amount on line 2 from the amount on line 1 and enter the result on line 3.
7. Multiply the amount on line 3 by 10% and input this value on line 4.
8. Enter the maximum allowable credit per vehicle on line 5, which does not exceed $4,000.
9. On line 6, enter the smaller of the amounts from line 4 or line 5.
10. Calculate the current year qualified electric vehicle credit by adding line 6 to line 7 and entering the result on line 8.
11. If applicable, report any credits from flow-through entities based on your share of amounts reported on Schedule K-1 forms on lines 9 through 13.
12. Add lines 8 and 9 to get the total current year credit and enter your final amount on line 8.
13. In Part II, fill out the tax liability limitation section with the correct figures as per your tax return.
14. Complete the necessary calculations for lines 14 through 19, ensuring to document all required credits that apply.
15. Once completed, you can save your changes, download a copy, print it for your records, or share it as needed.

Complete your forms online today to ensure you are making the most of available credits.