2006 Tax Credit Forms

[ohgreys]

<div class='quotetop'>QUOTE(PLM @ Feb 2 2007, 11:55 AM) [snapback]384426[/snapback]</div>

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.
[/b]

I don't understand why this means that TT has no clue. I would prefer that the company take the time to properly program it into the update than rush it out the door. If you are getting a refund, mailing paper forms 2 weeks before filing electronically very likely won't put you ahead anyway.

[osiris12]

<div class='quotetop'>QUOTE(PLM @ Feb 2 2007, 11:55 AM) [snapback]384426[/snapback]</div>

Just hung-up the phone with the IRS. FORM 8910 IS AVAILABLE FOR DOWNLOAD [i][color=#FF0000]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.
[/b]

Thanks JIM!

[Walker1]

<div class='quotetop'>QUOTE(osiris12 @ Feb 8 2007, 07:46 PM) [snapback]387183[/snapback]</div>

Thanks JIM!
[/b]

No problem. Now go get your refund & credit. Walker1

[lchamp]

I'm gonna run with Turbo Tax...if I have to wait a couple of days, no problem.

[johnfried]

what form do we use to get the NY state tax credit of $2000?
Isn't there also a credit on the sales tax on the hybrid cost ($3000 extra for the hybrid technology cost). I hear you take whatever your state sales tax is on the $3000 and you get that back too.

[JimN]

<div class='quotetop'>QUOTE(johnfried @ Feb 9 2007, 04:27 PM) [snapback]387682[/snapback]</div>

what form do we use to get the NY state tax credit of $2000?
Isn't there also a credit on the sales tax on the hybrid cost ($3000 extra for the hybrid technology cost). I hear you take whatever your state sales tax is on the $3000 and you get that back too.
[/b]

My understanding of the NY tax credit discussions here was that the credit was not passed. Does your 2nd question refer to the deduction of state taxes on Schedule A of the Federal 1040? If so, Pub. 600 states that if you use the amount from the table you can add the tax paid on the motor vehicle. This is not a credit, it is a deduction available to buyers of all cars.

[auricchio]

<div class='quotetop'>QUOTE(johnfried @ Feb 9 2007, 01:27 PM) [snapback]387682[/snapback]</div>

Isn't there also a credit on the sales tax on the hybrid cost ($3000 extra for the hybrid technology cost). I hear you take whatever your state sales tax is on the $3000 and you get that back too.
[/b]

Actual sales tax you've paid, as Jim said, is deductible.

As for "$3000 extra for the hybrid technology cost," I don't know where you're getting that figure. There is nothing in the pricing of the car that explicitly calls out that dollar amount.

I doubt you'd ever be able to make a claim for any type of reimbursement of this so-called "hybrid premium."

There are the sales tax deduction item, the Federal tax credit, and perhaps a state credit depending on where you live. That's it.

[auricchio]

<div class='quotetop'>QUOTE(johnfried @ Feb 9 2007, 01:27 PM) [snapback]387682[/snapback]</div>

Isn't there also a credit on the sales tax on the hybrid cost ($3000 extra for the hybrid technology cost). I hear you take whatever your state sales tax is on the $3000 and you get that back too.
[/b]

Actual sales tax you've paid, as Jim said, is deductible.

As for "$3000 extra for the hybrid technology cost," I don't know where you're getting that figure. There is nothing in the pricing of the car that explicitly calls out that dollar amount.

I doubt you'd ever be able to make a claim for any type of reimbursement of this so-called "hybrid premium."

There are the sales tax deduction item, the Federal tax credit, and perhaps a state credit depending on where you live. That's it.

[IsrAmeriPrius]

<div class='quotetop'>QUOTE(Rick Auricchio @ Feb 10 2007, 09:41 AM) [snapback]388070[/snapback]</div>

Actual sales tax you've paid, as Jim said, is deductible.[/b]

That is true only for residents of states that do not have personal income tax.

[JimN]

<div class='quotetop'>QUOTE(IsrAmeriPrius @ Feb 10 2007, 02:56 PM) [snapback]388113[/snapback]</div>

That is true only for residents of states that do not have personal income tax.
[/b]

I beg to differ, sir. State income tax or state sales tax can be used as per page 1 of Pub. 600. I have the revised version as NJ's sales tax increased in July. Pub. 600 also implies that this is the last year for sales tax deductions.