[attachmentid=6391][attachmentid=6390][attachmentid=6389] Summary of the credit for qualified hybrids http://www.irs.gov/newsroom/article/0,,id=157557,00.html The link lists the 2005-2007 vehicles that qualify for the hybrid tax credit and the amount of the credit. Individuals will need to file forms 6251 and 8910 with their 1040 tax return to claim the credit.
<div class='quotetop'>QUOTE(JimN @ Jan 30 2007, 11:04 PM) [snapback]383138[/snapback]</div> Your the man! thanks, Jim
If I bought the Prius in Jan. 07, then I have to wait to next year to claim it, right? The wording on the IRS site is vague... They don't seem to directly say you have to claim it in the tax year it was purchased.
I called the IRS and got through to the office that handles the Form 8910. No person there could tell if me there was a recapture provision. They assumed there was not and offered me to call back at the end of the day, giving them time to put on their waders and look around a bit. As it stands now there doesn't appear to be a recapture provision if you sell the vehicle in 2007 or 2008. I will keep you all posted if I hear of something different.
Just did my Turbo Tax with 2007 Prius rebate 1/31 and Turbo Tax said I have to come back 2/16 to finish (I think they waiting for the IRS form ). It did report the correct amount $1575
<div class='quotetop'>QUOTE(JimN @ Jan 30 2007, 11:04 PM) [snapback]383138[/snapback]</div> I have 2 questions for you. Today I downloaded all the forms I will need for our return. However, my wife was given stock option shares of company stock 3 years ago. She sold the shares in 2006. Do we just use the schedule D form # 1065 along with the 1040 form? Also, I e mailed TaxACT & TurboTax asking them which product we needed given our minimal needs. I sure can't figure out what package to use. I do know I am going to use e file and do the return online. Can you shed some light on what might be the best pkg. for us? Thank you.
<div class='quotetop'>QUOTE(filiberti @ Jan 31 2007, 05:51 PM) [snapback]383544[/snapback]</div> Does anyone have more info on the TurboTax question? I don't understand why they want you to wait until the 16th - that does not make sense to me.
<div class='quotetop'>QUOTE(Rand Reed @ Jan 31 2007, 07:51 PM) [snapback]383582[/snapback]</div> There is another thread on this (I'm not sure why this thread was started separately). Form 8910 is available on the IRS site, but TurboTax needs to program into the software.
<div class='quotetop'>QUOTE(Les Gas @ Jan 31 2007, 11:28 AM) [snapback]383297[/snapback]</div> Your 2006 return covers the period 1/1/06--12/31/06 unless you are on a fiscal year. One can not arbitrarily move income, expenses, deductions, or credits. <div class='quotetop'>QUOTE(ajrowell @ Jan 31 2007, 12:58 PM) [snapback]383353[/snapback]</div> I agree that right now there is no recapture provision. You never know what they will do in the future.
<div class='quotetop'>QUOTE(kokid @ Jan 31 2007, 09:08 PM) [snapback]383617[/snapback]</div> I started this thread so the forms and schedule could be found in one place.
<div class='quotetop'>QUOTE(kokid @ Jan 31 2007, 09:08 PM) [snapback]383617[/snapback]</div> Seems to be already done for my TT when i checked in yesterday....the online version of the form was available as I showed in my other thread.
<div class='quotetop'>QUOTE(Hopeful Future Prius Owner @ Jan 31 2007, 11:17 PM) [snapback]383671[/snapback]</div> I updated my TT last night and also got the message (there was a screen shot of it in the other thread) saying that TT was still working on the calculations for the form. If your tax liability for 2006 is $0 then no, you won't get any money back. If you mean that you still owe more taxes on top of what you had deducted from your paychecks throughout 2006, the answer is maybe.
<div class='quotetop'>QUOTE(PLM @ Feb 2 2007, 11:55 AM) [snapback]384426[/snapback]</div> To All: I had some good luck yesterday with an IRS employee. 1) All the forms we need for the 2006 tax credit are on the IRS site. 2) I have never done the forms needed for the 2006 tax credit and I was somewhat lost after reading all the pages of directions for form numbers 8910 and 6251. I called the IRS and got a lady that was super. I explained my situation and she spent the next 1 1/2 hours going over my entire tax return! She went over the 1040, 8910,6251, and then told me she uses TaxAct online to do her returns. I guess this should help everyone who is still wondering what's up.
<div class='quotetop'>QUOTE(kokid @ Jan 31 2007, 09:08 PM) [snapback]383617[/snapback]</div> Just hung-up the phone with the IRS. FORM 8910 IS AVAILABLE FOR DOWNLOAD FROM THEIR WEBSITE. Unfortunately TurboTax has no clue. It claims that it will be available in mid-Feb. Probably their own incompetency in programming. I intend to print out my return, use the IRS 8910, then file by mail. Much faster than waiting for Quicken TurboTax. :lol:
