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| This is a discussion on $1575.00 Tax Credit question? within the Prius Tax Credit Discussion forums, part of the Gen II Prius Main Forum category; My friend and I each bought a Prius on Nov 06. He went to Tax consultant and did his 2006 ... |
$1575.00 Tax Credit question?
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| Join Date: Nov 2006
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Friends: 0 | My friend and I each bought a Prius on Nov 06. He went to Tax consultant and did his 2006 income tax; he told me he's only get under $1100.00. I asked him why under $1100.00, he told me his tax consultant said it's because he made good wages in 2006. Is it right? If it's right then should it be "tax credit up to $1575.00 depends on the income". Thanks. |
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| Senior Member Join Date: Sep 2006 Location: Charlotte, NC
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Friends: 0 | That could be right. If he made good wages he might be subject to the Alternative Minimum Tax (AMT), which can decrease or eliminate the rebate. The other possibility is that he didn't pay more than $1100 in taxes last year. He only gets back what he put in. There are lots of other threads about the details on this forum. |
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| P719 of ??? Join Date: Nov 2006 Location: South Jersey
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Friends: 2 | <div class='quotetop'>QUOTE(Prius07Pkg4 @ Feb 28 2007, 11:49 PM) [snapback]398273[/snapback]</div> Quote:
Some possible reasons: Income subject to AMT Credits on lines 47-55 Taxable income (line 43) under $9850 Go to taxact.com and download their program for free. Using their program I was also able to file the Federal 1040 electronically for free.
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