05 Tax Credit and Turbotax

s3nfo · 03-03-2006, 07:34 PM

Anybody do the paperwork for the 05 tax credit yet? What form do you use? Pub 535 is practically useless for figuring out how to do it?
If you use Turbotax, how'd you get the info into TT?

TIA,

Jerry N

mdmikemd · 03-03-2006, 11:18 PM

Quote:

Originally posted by s3nfo@Mar 3 2006, 07:34 PM
Anybody do the paperwork for the 05 tax credit yet? What form do you use? Pub 535 is practically useless for figuring out how to do it?
If you use Turbotax, how'd you get the info into TT?

TIA,

Jerry N

[snapback]219995[/snapback]

I did my taxes on Turbo Tax already. There should be a page with about 7 questions, it also asked the brand of the car. I then filed electronically. If you go with TTax, don't confuse the question about "Qualified Electric Car", the Prius is NOT an electric car. When you answer "NO" to that question, soon after they ask about Hybrids.

I found it VERY easy to get the Prius information into TTax, once you get to the right section. If it takes you more than 2 minutes, then you're doing something wrong, likely stuck on the "Qualified Electric Car" section.

s3nfo · 03-04-2006, 09:45 AM

Thanks, Mike, got it!

Rick Grahn · 03-04-2006, 09:51 AM

The credit is only if you bought in '05, right? I bought in late '04 and got a credit on my '04 taxes, but there is no credit I can get in '05 unless I bought in '05, right?

mdmikemd · 03-04-2006, 03:07 PM

Quote:

Originally posted by Rick Grahn@Mar 4 2006, 09:51 AM
The credit is only if you bought in '05, right? I bought in late '04 and got a credit on my '04 taxes, but there is no credit I can get in '05 unless I bought in '05, right?

[snapback]220144[/snapback]

Correct...you must buy in calander year 2005.

~sparky~ · 03-04-2006, 09:12 PM

just one clarification here - it's a tax deduction for 2005... not nearly as good as a credit.

deduction simply reduces your taxable income (just like mortgage interest or charitable contributions)

credit is a bottom line reduction in your owed tax.

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03-03-2006, 07:34 PM	#1
s3nfo Join Date: Sep 2005 Location: San Diego, Ca Posts: 25 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Anybody do the paperwork for the 05 tax credit yet? What form do you use? Pub 535 is practically useless for figuring out how to do it? If you use Turbotax, how'd you get the info into TT? TIA, Jerry N

03-04-2006, 09:45 AM	#3
s3nfo Join Date: Sep 2005 Location: San Diego, Ca Posts: 25 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Thanks, Mike, got it!

03-04-2006, 09:51 AM	#4
Rick Grahn Senior Member Join Date: Nov 2004 Location: Illinois Posts: 282 My Car: 2005 Prius Package: #9 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	The credit is only if you bought in '05, right? I bought in late '04 and got a credit on my '04 taxes, but there is no credit I can get in '05 unless I bought in '05, right?

03-04-2006, 09:12 PM	#6
~sparky~ Join Date: May 2005 Location: Tempe, AZ Posts: 109 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	just one clarification here - it's a tax deduction for 2005... not nearly as good as a credit. deduction simply reduces your taxable income (just like mortgage interest or charitable contributions) credit is a bottom line reduction in your owed tax.