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Tax Credit Phaseout Period

Discussion in 'Gen 2 Prius Main Forum' started by Kiloran, Nov 10, 2005.

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  1. js972

    js972 New Member

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    Thanks for the info.
    One more question:
    Is there any way to know at the time of the delivery if I am one of the first 60K?

    Best Regards.
     
    #41 js972, Dec 8, 2005
  2. Kiloran

    Kiloran New Member

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    I imagine Toyota will issue a press release when this occurs.
     
    #42 Kiloran, Dec 9, 2005
  3. chahn

    chahn Junior Member

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    2006 Prius
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    N/A

    Is this correct? The terms of the tax credit say that "it will not reduce your tax bill below your Alternative Minimum Tax." If your AMT is $0, wouldn't that mean you get nothing from the tax credit? I just want to make sure I'm not pushing off a purchase only to find that I don't qualify for the credit. Especially if that means I can have my new car and the deduction in 2005.

    Ugh. Taxes give me a headache.

    -- Cindy
     
    #43 chahn, Dec 9, 2005
  4. Kiloran

    Kiloran New Member

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    No.
    His AMT is zero so the credit will not reduce his taxes below that.
    His taxes will be reduced by ~$3150 from $4950 to ~$1800.
    His taxes will not have been reduced below his AMT (~$1800 > $0).
     
    #44 Kiloran, Dec 9, 2005
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