Anyone else try turbotax yet?

[streyle]

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?

[MegansPrius]

<div class='quotetop'>QUOTE(streyle @ Dec 18 2006, 06:04 PM) [snapback]363939[/snapback]</div>

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?
[/b]

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?

[mootsman]

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

[auricchio]

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.

[New Revelation]

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.

[MegansPrius]

<div class='quotetop'>QUOTE(Hopeful Future Prius Owner @ Dec 19 2006, 06:57 PM) [snapback]364341[/snapback]</div>

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.
[/b]

Sounds like a plan. Form should be available Feb 1 2007, at least according to turbotax.

[lrynwnab]

<div class='quotetop'>QUOTE(MegansPrius @ Dec 19 2006, 07:01 PM) [snapback]364344[/snapback]</div>

Sounds like a plan. Form should be available Feb 1 2007, at least according to turbotax.
[/b]

Is this using basic Turbo Tax or the Deluxe Turbo Tax?

Thanks.

[auricchio]

It makes no difference. The IRS has not yet released the form!

[ohgreys]

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.

[Walker1]

Yes, I also will wait until the IRS gets the right form out. It just makes sense.