I've tried running the numbers through for 2006 and it looks like it won't take the tax credit for the Prius (I see no value entered after telling it I bought a hybrid in 2006). I'm assuming that it hasn't been updated yet to handle this?
<div class='quotetop'>QUOTE(streyle @ Dec 18 2006, 06:04 PM) [snapback]363939[/snapback]</div> A quick search of the Turbotax website brought up the following response: Hybrid Vehicle credit does not calculate When you click Yes on the Buy a Hybrid or Alternative Motor Vehicle screen, TurboTax fails to calculate the hybrid or alternative motor vehicle credit. This issue is occurring because the IRS has not yet finalized Form 8910 (Alternative Motor Vehicle Credit). We expect that the final version of this form will be available by early February, 2007. (Click here for a list of form availability dates.) If you qualify for this credit and have already filed (or plan to file) your return before the expected finalization date, be sure to update TurboTax (if using the desktop version) and then file an amended return once the form becomes available http://support.turbotax.intuit.com/cgi-bin...pZA**&p_li= I was actually hoping to file my taxes in January and wonder now if I'll need to wait until Feb 1, 2007, for the IRS to release the updated form. Any accountants out there?
Wonder why this form is a 2005 form BUT is clearly for vehicles placed into service during 2006. Wouldn't that make it the current form? http://www.irs.gov/pub/irs-pdf/f8910.pdf
Mootsman, I would wait for a 2006 form. Regardless of the info on the form you cite, it's specifically dated for the 2005 tax year. Scott and Megan, it makes more sense to wait for the form before filing your taxes. If you don't do so, you'll probably have to file an amended tax return. This is more trouble and will probably add delay to the IRS processing.
I agree.....wait untl the official form has been released. Besides, most companies dont send out the W2's until the middle to end of January anyway depending on the company. And I am not sure when the IRS will begin accepting returns for 2006. Just have to wait and see.
<div class='quotetop'>QUOTE(Hopeful Future Prius Owner @ Dec 19 2006, 06:57 PM) [snapback]364341[/snapback]</div> Sounds like a plan. Form should be available Feb 1 2007, at least according to turbotax.
<div class='quotetop'>QUOTE(MegansPrius @ Dec 19 2006, 07:01 PM) [snapback]364344[/snapback]</div> Is this using basic Turbo Tax or the Deluxe Turbo Tax? Thanks.
Darn. I was actually leaving work early today to go home and do my taxes so this stinks. I always do a "dry run" on my taxes in December so I can decide whether to donate my pile of unused "stuff" in the current year or the next year. I should still be able to figure out how much credit I qualify for though, should I? I could just have it go through the AMT calculation in addition to the regular calculation.
<div class='quotetop'>QUOTE(ohgreys @ Dec 29 2006, 10:26 AM) [snapback]368269[/snapback]</div> Assuming you're still going to have similar earnings (and a similar tax bill for 2007), does it matter in which year you donate? You either donate now and deduct from the 2006 taxes, or do it next year. There might be a couple of reasons that influence your choice of donation year. Some donation rules may require a minimum value before you can deduct anything. That would be a reason to bump up this year's donations, to hit that minimum. Others, however, might be just the opposite. (I believe there's a rule stating you need an official receipt-letter for > $500 donated to a single organization. Keeping below $500 would make things easier.) In my case, I'm holding off deductions till 2007 because it'll be tough to take the whole $3150 tax credit for 2006. The higher I can keep my 2006 taxable income, the better my chances. Disclaimer: I'm not an accountant, but I tend to remember some of what my accountant tells me.
<div class='quotetop'>QUOTE(Rick Auricchio @ Dec 29 2006, 05:08 PM) [snapback]368376[/snapback]</div> I check and change our withholdings each year in an effort to get as close to $0 owed/$0 refunded at tax time. In the past few years we've had big changes that would affect our taxes (switched from renting to owning, $2100 increase in real estate taxes, buying the Prius, etc.) so while I've changed our withholdings, I like to be sure that I'm still on target for that $0/$0 situation. So you are right that if income and taxes are the same, it wouldn't matter but we haven't had that happen lately. I actually am an accountant (though not a tax accountant) and think that we may be one of the few groups of people "nerdy" enough to do dry runs of our taxes to get to $0/$0. Two years ago I almost ran victory laps around the neighborhood because I managed to end up getting a $180 refund from the IRS and owing the state $181. $1 off, baby! Woooooo! :lol:
<div class='quotetop'>QUOTE(streyle @ Dec 18 2006, 05:04 PM) [snapback]363939[/snapback]</div> TacCut does have the credit in their software. Very reasonable on the Internet.
