2006 Tax Credit - NOT!

[cireecnop1]

That sucks guys, Ill find out at the end of this year as to what i will end up with.

[snowcrash74]

<div class='quotetop'>QUOTE(GreenGene @ Feb 5 2007, 07:37 AM) [snapback]385459[/snapback]</div>

I haven't finished our taxes in TurboTax - it still gives me a message that the form needed for the Prius will be available on the 16th. But I got far enough to see that I get the full credit, and was VERY relieved to have TT tell me that the AMT does not apply to us this year. ....[/b]

Same here, i get the message about the form not being ready until Feb 16th, so I was a bit surprised by the top two posts on this thread.

BTW, where in TurboTax does it tell you if AMT applies to you or not? I've searched though it a bit and don't see where it says this. The help file isn't so helpful on this.

[GreenGene]

<div class='quotetop'>QUOTE(snowcrash74 @ Feb 5 2007, 08:34 PM) [snapback]385812[/snapback]</div>

Same here, i get the message about the form not being ready until Feb 16th, so I was a bit surprised by the top two posts on this thread.

BTW, where in TurboTax does it tell you if AMT applies to you or not? I've searched though it a bit and don't see where it says this. The help file isn't so helpful on this.
[/b]

Open up your return, and click on the "Federal Review" tab at the top. It will list four items that the review includes, and AMT is there. In fact, when I click on "Continue" on that screen, the first thing to pop up is the check for the AMT. Just about the nicest words I've seen when preparing my taxes: "Based on your information so far, you don't have to pay the Alternative Minimum Tax."

[snowcrash74]

Thanks GreenGene, I see the same message. This is looking promising so far.

[bsd43]

<div class='quotetop'>QUOTE(GreenGene @ Feb 5 2007, 05:43 PM) [snapback]385819[/snapback]</div>

Open up your return, and click on the "Federal Review" tab at the top. It will list four items that the review includes, and AMT is there. In fact, when I click on "Continue" on that screen, the first thing to pop up is the check for the AMT. Just about the nicest words I've seen when preparing my taxes: "Based on your information so far, you don't have to pay the Alternative Minimum Tax."
[/b]

Mine says that too. But it also says my credit was lowered to match what I would have owed under the AMT.

Read: http://www.sfgate.com/cgi-bin/article.cgi?...EDGC7N75RT1.DTL

It's a lot more likely to hit people with large itemized deductions that aren't mortgage interest (i.e. people with large state tax or property tax writeoffs).

Now, if you make >$750,000, you can take the full credit regardless! How's that for fairness?

[4chi]

Alas, looks like I'll be getting only about $1000 of my available $3150 credit.

Oh well.

But I haven't done my Colorado state taxes yet, I don't think there is any kind of AMT/TMT/ScrewYouOverT with respect to the Colorado credit.

[scoot]

I called my tax guy last November and asked him what to do (prior to buying the car) to make the most of the tax credit. He said to claim the credit on my partner's return rather than mine (car is in both names) since his income is lower for 2006. If we could file "jointly" we would probably not get the credit at all, but our wonderful laws don't recognize us yet as a tax paying couple...

[Ari]

<div class='quotetop'>QUOTE(scoot @ Feb 6 2007, 11:18 AM) [snapback]386061[/snapback]</div>

If we could file "jointly" we would probably not get the credit at all, but our wonderful laws don't recognize us yet as a tax paying couple...
[/b]

So what are you complaining about? Maybe this belongs in Fred's house of pancakes...

[FL Buckeye]

<div class='quotetop'>QUOTE(snowcrash74 @ Feb 5 2007, 08:34 PM) [snapback]385812[/snapback]</div>

Same here, i get the message about the form not being ready until Feb 16th, so I was a bit surprised by the top two posts on this thread.[/b]

I used TT online and it had said the same thing. Then after reading posts about the form being available on TT, I revisited and found I could complete it. But TT can't file it until Feb 16th when its official.

I'm retired now and just take the standard deductions so the ATM didn't effect us. Even when I made more and itemized, they didn't have all the things you can claim now, which probably triggers ATM sooner.

[JimN]

<div class='quotetop'>QUOTE(ewhanley @ Feb 5 2007, 05:37 PM) [snapback]385730[/snapback]</div>

I was hoping this was not the case. You see, I am not able to use the entire credit, not because I made enough to worry about the AMT, but rather because I am a college student and did not have a great enough tax burden to need it. However, that will all change come tax time next year, and I was hoping that the remainder of my credit would carry over. Apparantly, this is not the case.

I do wonder if it is possible for my SO to use the rest of the credit, as her name also appears on the title. Anyone?
[/b]

If her name is on the sales contract and title then it is her car as much as yours. Form 8910 doesn't ask how much of the vehicle you own. As long as only one credit per vehicle is being claimed I don't see an objection to whose 1040 form takes advantage of the credit. This presumes both are filing single returns.

If your intention is to split the credit between both returns keep in mind that the IRS knows how much to expect. Claiming an unexpected amount will likely trigger a notice disallowing the credit leading to possible penalties and interest on the unpaid tax. You will then have to defend your position to the IRS. Good luck.