When can I file for tax credit for vehicles purchased after tax day (April 15 - 2007)

Discussion in 'Prius Tax Credit Discussion' started by blackprius2007, Apr 24, 2007.

  1. blackprius2007

    blackprius2007 New Member

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    I bought my Prius on April 22, 2007 (EARTH DAY!!!). When can I file for the ($ 787.50) tax credit* with the IRS? Do I file for an amendment now or do I file it in 2008 when I file for taxes for year 2007?

    *Tax ref: http://www.irs.gov/newsroom/article/0,,id=157557,00.html
     
    #1 blackprius2007, Apr 24, 2007
  2. cwerdna

    cwerdna Senior Member

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    You claim it on your taxes for the 2007 tax year. Why would it be an amendment? You didn't buy the car in the 2006 year.

    If you want to save now, you could reduce your withholdings or reduce how much your estimated tax payments (if you pay them).
     
    #2 cwerdna, Apr 24, 2007
  3. Marlin

    Marlin New Member

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    To be specific, in April 2007, you paid taxes for the period of Jan 1st 2006 to December 31st 2006. If you bought your car this year, on or after Jan 1st 2007, then you can claim the credit in April 2008.
     
    #3 Marlin, Apr 24, 2007
  4. blackprius2007

    blackprius2007 New Member

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    <div class='quotetop'>QUOTE(Marlin @ Apr 24 2007, 07:34 AM) [snapback]428928[/snapback]</div>

    Thank you friends. I am no expert in tax matters. Yeah I also initially thought that I will have to wait till 2008 before I can claim the credit. Better to ask and get clarification than to miss on the tax credit.
     
    #4 blackprius2007, Apr 24, 2007
  5. JimN

    JimN Let the games begin!

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    <div class='quotetop'>QUOTE(GB Prius @ Apr 24 2007, 02:25 PM) [snapback]429186[/snapback]</div>
    Now would be a good time to estimate how much of the credit you qualify for. Take your 2006 tax software and input your expected 2007 income, deductions, and credits. As many have discovered, don't bank your credits before you file.
     
    #5 JimN, Apr 24, 2007
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