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2006 Prius tax rebate

Discussion in 'Prius, Hybrid, EV and Alt-Fuel News' started by Roger3125, Jan 8, 2006.

  1. Roger3125

    Roger3125 New Member

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    Hi all. just joined your group this evening. Actually minutes from the time we parked our 2006 Prius. So much more to learn about it. I know I will be able to figure out how to get it out of Drive but for now its nice to read about and watch the wife drive around the block.

    Kidding but I am looking foreward to learning all the goodies about it....like how do I go about taking advantage of the tax rebate on it. Saleman talked it up but could not tell us how to apply for it or exactly what it would be.

    Also anyone know of a Prius Club near Tustin/SantaAna area in Orange County?

    Thanks all and may God bless us and our Priuses...or is it Priusii?

    roger3125
     
    #1 Roger3125, Jan 8, 2006
  2. Kiloran

    Kiloran New Member

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    Not a tax rebate but a tax credit on your 2006 taxes which you won't be filing till 2007.

    The IRS will publish guidelines prior to that similar to those they did for the 2004/2005 tax deduction: Clean Fuel Tax Deduction For Hybrid Vehicles.

    You can realize the credit at ~$800 per quarter by reducing your withholding during 2006 (2006 Tax Credit Strategy, How to get your $ faster).
    Make sure you will not be subject to the Alternate Minimum Tax (AMT) before pursuing this strategy.

    You can find coverage of the tax credit in our Toyota_Prius_FAQ.
     
    #2 Kiloran, Jan 9, 2006
  3. JMcPhee

    JMcPhee New Member

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    Hi Roger! I just picked up mine from Rancho Santa Margarita on Friday night... My wife was too afraid to drive it around the block :D Have you sent in your HOV sticker app yet? Mine's sitting in the mailbox out front... when does the mailman get here!?!?! I'll be looking into the tax credit as well, so thanks for asking the question!
     
    #3 JMcPhee, Jan 9, 2006
  4. frankie_delaware

    frankie_delaware Junior Member

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    Orange County Prius Club, see http://www.ocprius.com/

    fd
     
    #4 frankie_delaware, Jan 9, 2006
  5. Roger3125

    Roger3125 New Member

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    Thanks all for getting back so FAST...its appreciaed. Well I called IRC, Rebate Dept and they said as of now the only cars that are eligible for the rebate is 1) Ford Excape 2) Toyota Highlander 3) RX400...no Prius listed. What gives!!?

    Also dealing with registration now so will let you know how that works out. right now my biggest probelm is letting go of my baby, a 95 Corolla that I bonded with and can't stant the idea of not having it. Its cherry and all the dealer offerred me was $3,000. Got 4 more days to decide is they get to keep my $3,000 or take my Corolla.

    If you know anyone whose willing to pay a realistic price for my baby please have them email me. Its truly cherry, 98K well cared for miles and drives and looks like it did the day I drove it off the lot. God but I hate to part with it.
     
    #5 Roger3125, Jan 9, 2006
  6. Kiloran

    Kiloran New Member

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    The IRS and/or EPA just haven't gotten around to certifying the Prius, et. al.
    No worries.
    The 2006 model is essentially the same as the 2005 so it would be inconceivable that it would not be certified as eligible for the tax credit .
     
    #6 Kiloran, Jan 9, 2006
  7. Roger3125

    Roger3125 New Member

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    AGAIN thanks. One less item to complain to my very nice salesman about. I paid $2200 for the Platimun 100,000 mi warranty. As with any extended I have 25 days to cancel with no penalty costs. ($25 fee if after 25 days). all comments and feedbacked are welcomed .

    I compared the exclusion list of the two Platinum Extended warrantys...the one I got for $2200 and the one offerred (or referred to ) online for $990 and there was a substantial difference.

    Anyone is Orange County who would like to compare costs with me. I got package 3. Just so we feel better...well one of us will.

    Take care
    Roger
     
    #7 Roger3125, Jan 9, 2006
  8. Florida Prius

    Florida Prius New Member

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    I'm lead to believe that there is only one Platinum Extended Warranty. What are the differences? What's up with that?
     
    #8 Florida Prius, Jan 9, 2006
  9. Roger3125

    Roger3125 New Member

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    I brought this difference of prices for the platinim Warranty to the attention of the guy I dealt with at my Toyota dealer. He is looking into it to see if both Platinum Warranties are Toyota warranties. If they are not sponsored by Toyota that alone makes a big difference.

    He says the MRSP price of $1650 for the Platinum is lower than what the dealership pays for it. Anyway he says he will get back to me and I, in turn will get back to you.

    See, already having a Prius is getting interesting.
     
    #9 Roger3125, Jan 9, 2006
  10. Aaron144

    Aaron144 Junior Member

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    Hi Roger3125 and everyone else!!!
    Another new Prius owner here having just picked mine up on Sunday. I too am interested in the warranty and the tax credit, soooooo, I'll just follow along this thread and see how everything works out for you, Roger3125.

    So much to learn, so much to figure out, SO MUCH TO DRIVE!!!

    What a COOL car!!!! B)
     
    #10 Aaron144, Jan 10, 2006
  11. Kiloran

    Kiloran New Member

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    Do check out the links on this previous post on this thread.
     
    #11 Kiloran, Jan 10, 2006
  12. Roger3125

    Roger3125 New Member

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    I just returned from AAA and officially took title and had AAA insurance switched. As for the tax credit best I've been able to figure out is we talk to our tax man in 2007. Have your vin number handy.

    Decals...AAA gave me the short form to fill out, include a check for $8 and wait til the decals arrive. You do not have to have your new plates. As its been pointed out before where it asked for plate numbers you simply right "new car". Getting the decals is independent of getting your plates.

    I just read about the auto-park feature. Haven't found anything in my manual about it but it sounds rather intriging.
     
    #12 Roger3125, Jan 10, 2006
  13. inventor00

    inventor00 Active Member

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    #13 inventor00, Jan 10, 2006
  14. tarafina

    tarafina New Member

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    I joined this forum today... I'm at the last month of the waiting period, and I'm getting so excited! It will be nice to feel good when driving.


    Just dropping by to say Hello to everyone! I can't wait to be in the club.


    <3,
    tara
     
    #14 tarafina, Jan 12, 2006
  15. tarafina

    tarafina New Member

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    oh, by the way, does anyone know of a Prius club in either Denver or Boulder?

    thanks!
     
    #15 tarafina, Jan 12, 2006
  16. FIRST TOYOTA

    FIRST TOYOTA New Member

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    hi roger,
    i'm a newbie , about a week.
    the tax deduction is taken as a adjustment to income on irs form 1040 in the "adjusted gross income" sectionfor the 2005 tax year enter the amont of the deduction and the words "clean Fuel" on line 35. you don't have to itemize !

    tell me, do you know anything about wheel skirts? like where to find them?
    i thought they'd look good, who knows?

    also do you (or anyone else know where i can find a hood bra?

    Larry
     
    #16 FIRST TOYOTA, Jan 12, 2006
  17. FIRST TOYOTA

    FIRST TOYOTA New Member

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    hi Kiloren,
    i'm a newbie , about a week.
    the tax deduction is taken as a adjustment to income on irs form 1040 in the "adjusted gross income" sectionfor the 2005 tax year enter the amont of the deduction and the words "clean Fuel" on line 35. you don't have to itemize !

    tell me, do you know anything about wheel skirts? like where to find them?
    i thought they'd look good, who knows?

    also do you (or anyone else know where i can find a hood bra?

    Larry
     
    #17 FIRST TOYOTA, Jan 12, 2006
  18. Kiloran

    Kiloran New Member

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    http://priuschat.com/index.php?showtopic=1...ndpost&p=186298
    http://priuschat.com/index.php?showtopic=1...ndpost&p=186697
    Actually, line 36 is the correct line for the 2005 deduction.
    i1040gi.pdf, page 35.

    Don't know anything about those kinds of skirts and bras.
    Lots of experience with the other kind. ;)
     
    #18 Kiloran, Jan 12, 2006
  19. RLPouwels

    RLPouwels New Member

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    Kiloran and all,

    I know this sounds dumb, but where on my 1040 can I apply to get this tax credit? What is it called on the 1040 form? And, finally, what documentation (if any) must I submit with my tax return to get the credit?

    Thanking you in advance, :mellow:
    Randall
     
    #19 RLPouwels, Jan 19, 2007
  20. JimN

    JimN Let the games begin!

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    First, a welcome to all the new members. There is an abundance of good information here. You may want to start by clicking on the "view all new posts" link or try a search for your question. Searching through Google for entries on this site also works. There are several existing threads about the 2006 tax credit.

    The 2006 Prius is certified for a credit. The credit is taken on your 2006 1040 form if the car was purchased and placed in service in 2006. I just looked at the IRS web site and the 2006 form is NOT AVAILABLE. You can be assured that one of us will either post the forms or the links once they exist. The credit is claimed as a miscellaneous credit on line 55 of form 1040.

    The 2007 Prius should be certified for the credit but I haven't checked. All credits for all Toyota brands expire Sept 30, 2007.

    If you bought the car in 2007 you will claim the credit on your 2007 1040 form.

    You (most probably) do not file any documentation with the IRS. You will need to file all of the appropriate forms. Start with form 6251 which is available. We are waiting on form 8910 which, I repeat, is not available. The full credit is $3150 available for purchases through Sept. 2006. $1575 is available through Mar. 2007. $787.50 is available through Sept. 2007.

    Since current information is not available there is no point in rehashing the earlier threads.
     
    #20 JimN, Jan 19, 2007
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