FL 22 year old, bought 6/23/07, confused on taxes

[whitespider]

Hello everyone, i've been employed in alot of temp jobs and finally started a steady computer repair job not 48 hours after i picked up my prius. I alwasy did my taxes with H&R Block and such since I'm so young and have no idea, honestly, what's going on, which is shameful since i'm extremely bright and am a computer technician with a whole lot of experience.

Anyways, as a Florida resident and a new prius buyer in June 23rd, 2007, i'm confused on what I should fill out and 'submit'(?) for the supposed $750 or so that I get from taxes, or something?

Can someone explain this to me? Not to mention confused over which two of the three forms on the sticky thread here i'm supposed to do and where I send it to, ect.

Totally lost, Hope i'm not spamming up this thread, but without a taken-by-the-hand approach, I couldn't get anywhere just reading the other threads here.

Appologies, thank you in advance.

[Betelgeuse]

You don't need to (and can't) do anything now. You get to claim it on your tax forms when you file for the 2007 Tax Year (which you need to do by April 15, 2008). AFAIK, the tax forms for the 2007 Tax Year haven't even been published yet. However, I imagine you'll need to fill out the Tax Year 2007 version of Form 8910 that Jim posted in the sticky. Of course, you need to also consider the other forms to make sure that the tax credit doesn't reduce your tax liability below the AMT threshold.

[JimboK]

Did you plan on using H&R Block again next tax season? If so, they should be able to handle this one for you.

You might also consider a DIY tax software package. I've used Turbotax for years. I bought my Prius in 2005 when it qualified for a deduction rather than a credit. TTax handled it with ease. It almost makes completing tax returns enjoyable. Almost.

[whitespider]

<div class='quotetop'>QUOTE(JimboK @ Jul 7 2007, 11:15 AM) [snapback]474625[/snapback]</div>

Did you plan on using H&R Block again next tax season? If so, they should be able to handle this one for you.

You might also consider a DIY tax software package. I've used Turbotax for years. I bought my Prius in 2005 when it qualified for a deduction rather than a credit. TTax handled it with ease. It almost makes completing tax returns enjoyable. Almost.
[/b]

I have no idea how to do my own taxes, and i'd LOVE to learn, but I have a situation that I guess wouldn't be fun for a learning experience. I did temp non-taxed jobs till now and started a full-time 7-4 job, so this year's taxes for me will be 'interesting' to say the least.

I'd get some software, at the drop of a hat, especially since i'm a computer wiz (i'm a technician, to be specific), but I'm scared to death of that thing.. since it can't take liability for any questions I may have or problems that arise later... I'd like a professional to handle my work, but I always hear such bad stories, no idea what to do, honestly. Maybe I need a tax buddy... simular to how people alwyas have that 'computer buddy' that fixes their computer for a couple of beers or dinner? Well same with a tax buddy, haha.. I need me one of those.

[sheremata]

Hi there,

My husband just got himeself an accountant (i.e. a professional tax accountant, not H & R Block) who did his taxes, and he got a whopping return. I wish someone early in life had recmmended to me to go see an accountant instead of doing them myself, or going to the chain tax places. While a solid accountant can never guarantee you a return, I think it is worth the 300 dollars, and would advise anyone to spend that to get much more in return. And if you will be using your vehicle for work, I would even more seriously think about it. I recommend asking around where you live and finding someone good - not always tohe guy who will get you the most money.

Good luck.

Megs

<div class='quotetop'>QUOTE(whitespider @ Jul 7 2007, 03:34 PM) [snapback]474732[/snapback]</div>

I have no idea how to do my own taxes, and i'd LOVE to learn, but I have a situation that I guess wouldn't be fun for a learning experience. I did temp non-taxed jobs till now and started a full-time 7-4 job, so this year's taxes for me will be 'interesting' to say the least.

I'd get some software, at the drop of a hat, especially since i'm a computer wiz (i'm a technician, to be specific), but I'm scared to death of that thing.. since it can't take liability for any questions I may have or problems that arise later... I'd like a professional to handle my work, but I always hear such bad stories, no idea what to do, honestly. Maybe I need a tax buddy... simular to how people alwyas have that 'computer buddy' that fixes their computer for a couple of beers or dinner? Well same with a tax buddy, haha.. I need me one of those.
[/b]

[pewd]

>I did temp non-taxed jobs till now

whats a 'non taxed' job ?

if pays money, (or goods and services in certain situations) and you're over the minimum income level, you need to file, regardless of what type of work you do.

consulting a tax accountant would be your best bet.

[peldering]

<div class='quotetop'>QUOTE(JimboK @ Jul 7 2007, 08:15 AM) [snapback]474625[/snapback]</div>

Did you plan on using H&R Block again next tax season? If so, they should be able to handle this one for you.

You might also consider a DIY tax software package. I've used Turbotax for years. I bought my Prius in 2005 when it qualified for a deduction rather than a credit. TTax handled it with ease. It almost makes completing tax returns enjoyable. Almost.
[/b]

Get TurboTax...it will do all the entries...is user friendly ....and process the return.....it is greast used it since inception

[ny biker]

The last time I used TurboTax, there was a bug in the NY state edition that I had to use which told me I owed a whopping big amount of taxes plus a huge penalty for underwithholding. So I re-did the 1040 by hand and found I actually was getting a small refund. No more TurboTax for me.

My accountant is someone I knew in college. Even though she lives in the Philadelphia suburbs, she has done my taxes while I've lived in NYC, DC and now Virginia. She's great and it is extremely helpful to have someone who is an expert on all the ins and outs so I don't have to worry about it.

As for the hybrid tax credit, I printed out the 2006 version of the form 8910 and filled out the first few lines (make, model, purchase date) and filed it along with my other tax docs for this year. I figured I would include it in the paperwork that I send to my accountant so she will have the information she needs to fill out the 2007 version.

[JimN]

<div class='quotetop'>QUOTE(whitespider @ Jul 7 2007, 09:31 AM) [snapback]474586[/snapback]</div>

Hello everyone, i've been employed in alot of temp jobs and finally started a steady computer repair job not 48 hours after i picked up my prius. I alwasy did my taxes with H&R Block and such since I'm so young and have no idea, honestly, what's going on, which is shameful since i'm extremely bright and am a computer technician with a whole lot of experience.

Anyways, as a Florida resident and a new prius buyer in June 23rd, 2007, i'm confused on what I should fill out and 'submit'(?) for the supposed $750 or so that I get from taxes, or something?

Can someone explain this to me? Not to mention confused over which two of the three forms on the sticky thread here i'm supposed to do and where I send it to, ect.

Totally lost, Hope i'm not spamming up this thread, but without a taken-by-the-hand approach, I couldn't get anywhere just reading the other threads here.

Appologies, thank you in advance.
[/b]

Whitespider, welcome to the Magnetic Grey Club. Check out the free software at www.taxact.com. You will file a 2007 form 1040 and a handful of supporting forms and schedules.

I am presuming that you worked as an independant contractor previously. If so, you will receive forms 1099MISC from anyone who paid you at least $600 in the year. (One is not obligated to issue a 1099 if the amount in box 7 is under $600.) You will have to pay Social Security and other employment taxes. If income taxes have not been deducted from your checks and you have not made quarterly estimated payments have your employer withhold extra from your paychecks for the rest of the year to avoid any penalties.

To answer your original question, you will need to file forms 6251 & 8910 to claim the hybrid credit. All the forms and instructions will be posted at www.irs.gov by some day in February. The IRS should send a tax package to you either the end of December or early January.

Can't help with the Florida return but you can always send a PM if you are stuck.

[christob]

...Another fan of TurboTax here... I've used the Online version for 3 or 4 years now (vs. buy-and-install version) including a year with an unusual bit of stock-option transacting. My credit union, as well as my 401k provider, both offer a discounted rate for it each year.
Also check with your state---while TurboTax online always graciously offers to electronically file my VA return for something like $29, VA's own governmental website offers FREE state returns (completed and filed online) to all residents. And as mentioned above, depending on your income, you may qualify for any number of the free, online Federal return packages, vs. paying the e-filing fee in TurboTax.