Toyota just hit 60000 on the prius Tax credit bye bye???

<div class='quotetop'>QUOTE(stanlwyjohn @ Jun 6 2006, 06:34 PM) [snapback]267019[/snapback]</div>

i'm picking up black/black tomorrow..does it go by VIN? did I sneak i in?

 

<div class='quotetop'>QUOTE(powrfuel @ Jun 6 2006, 07:46 PM) [snapback]267026[/snapback]</div>

If they hit 60,000 today, you have until the end of Sept to get the full credit.

 

Well, the complete answer to your question isn't so simple, but the article linked below does a decent job of explaining when the credit "expires."

http://www.mercurynews.com/mld/mercurynews...ve/14755573.htm

 

Newbie question here, but what is the process for claiming the credit???

 

Unfortunately, I didn't have the benefit of the tax credit, so I haven't done the real research to figure out how to file for it when the time comes, but I did find a post from someone that gives a link to a bunch of information from Toyota:

http://priuschat.com/index.php?s=&showtopi...ndpost&p=248132

 

<div class='quotetop'>QUOTE(Robert564 @ Jun 6 2006, 10:55 PM) [snapback]267034[/snapback]</div>

Since it's based on the date the vehicle was purchased, there will probably just be a couple of questions to fill out on an additional form to be included with the 1040, such as which vehicle you're claiming, when and from whom you bought the vehicle, similiar to the form that lists interest income and dividends.

I supposed there's a possibility that Toyota will send a facsimile of the proper IRS form to the registered owner, as well, but, like the interest income and dividend information that is received from financial institutions (I think it's a form 1099), you won't actually attach the manufacturer's form but just use it to fill out the proper IRS schedule (which will be included when the 1040 is submitted).

You'll get a $3150 credit (similiar to a 'rebate') off your federal income tax, provided your total 2006 federal income tax is at least that amount. If your total adjusted federal income tax was less than $3150 for the entire year, then you simply get what you had already paid and pay no federal income tax.

For example, let's say your total federal tax was $2500, and you already paid $2000. You won't have to pay the additional $500 but will get all of the $2000 you had already paid back. What you won't get is $2650 ($2650 + $500 = $3150) back.

But if your total federal tax was $5000, and you already paid $4000, instead of having to pay an additional $1000, you'll get $2150 back from the $4000 you've already paid.

If your total federal income tax was exactly $3150, and you had paid that amount already, instead of receiving no refund, you'd get your entire $3150 back.

At least that's how I'm guessing it's going to work.

 

<div class='quotetop'>QUOTE(Robert564 @ Jun 6 2006, 07:55 PM) [snapback]267034[/snapback]</div>

<div class='quotetop'>QUOTE(rudiger @ Jun 6 2006, 08:36 PM) [snapback]267067[/snapback]</div>

Unless AMT applies to you...
Looks like they want a coupla pieces of paper to be filed as well (see http://www.toyota.com/prius/tax.html ). Sadly, my hubby just told me we got hit with the AMT this year, so we are NOT happy!

 

<div class='quotetop'>QUOTE(Robert564 @ Jun 6 2006, 09:55 PM) [snapback]267034[/snapback]</div>

See this IRS link

Form 8910, plus a line on your 1040.

 

Actually from what I read on the Toyota site, the full tax credit is still available even though the 60000 car mark has been reached:

"This does not mean that only 60,000 Toyota and Lexus hybrid buyers will be eligible for 100 percent of the credit. There will certainly be more. For example, if the 60,000 sales mark is reached in May 2006, then hybrid vehicles purchased for the remainder of that calendar quarter (i.e., through June 30, in this case) and the following quarter (July through September) are also eligible for 100 percent of the credit. In the two subsequent two-quarter periods, there is no limit to the number of buyers who can respectively be eligible for 50 percent and 25 percent of the credit. Finally, after the fifth quarter following the quarter in which the manufacturer reaches cumulative sales of 60,000 hybrids, the tax credit expires for that manufacturer and its customers."

This came from the little tax credit insert in the disclaimers at the bottom of the Toyota page after you select the Prius model.

This is great since I am getting my Prius in July!!

**Edit** I guess I should have read other posts more carefully. I see Sam-I-Am has already mentioned this.

 

I have to disagree. They could not have hit 60000 units yet. Here's why...

http://www.toyota.com/about/news/corporate...01-1-sales.html

Toyota has reported it's BEST month for Prius sales last month at 8103 units. Times that number by 5 months and it does NOT add up to 60000 yet so don't sweat it yet..Also if you go to the IRS website and read it you will see that it is a phase out. The tax credit door does not slam shut at the 60000th vehicle. It reads once the manufacturer reports it's 60000th vehicle, cars sold in the next quarter will receive half credit. Cars sold in the the remaining quarter after receive twenty five precent credit.





<div class='quotetop'>QUOTE(stanlwyjohn @ Jun 6 2006, 10:34 PM) [snapback]267019[/snapback]</div>

 

reports, not sells (although that probably wouldn't affect this outcome).

And they sold 8234 units in April, so May was obviously not the best month for Prius sales, as far as volume is concerned.

 

<div class='quotetop'>QUOTE(BobZ @ Jun 7 2006, 10:29 AM) [snapback]267198[/snapback]</div>

It's not the number of Prii sold. It's the total number of hybrids sold by the manufacturer since 1/1/06. The definition of the 'manufacturer" includes Toyota and Lexus together. The combined manufacturer has indeed exceeded the 60,000-vehicle threshold.

 

<div class='quotetop'>QUOTE(NoVaSnow @ Jun 7 2006, 09:45 AM) [snapback]267215[/snapback]</div>

Darn! I was just about to add that to my post! Good call, NoVaSnow.

 

<div class='quotetop'>QUOTE(Rufaro @ Jun 7 2006, 02:48 AM) [snapback]267132[/snapback]</div>

Hmmm.

Didn't the recently signed "tax cut" extend the AMT limit, AND make this (and other) tax credits exempt from the AMT limit? Or have I been dreaming that?

 

<div class='quotetop'>QUOTE(Rufaro @ Jun 7 2006, 02:48 AM) [snapback]267132[/snapback]</div>

You can claim the credit regardless of AMT status, thanks to the Tax Increase Prevention and Reconciliation Act that was signed in May.

http://www.hrblock.com/taxes/fast_facts/ta...raoverview.html

 

<div class='quotetop'>QUOTE(stanlwyjohn @ Jun 6 2006, 10:34 PM) [snapback]267019[/snapback]</div>

Is there a reference for this? My understanding (and the credit goes by total Toyota/Lexus hybrids, not just the Prius) is that the 60,000 total was projected to be reashed in late summer/early fall. In any event, as other posters have noted, the credit would not expire immediately at that time.

 

There's also increasing pressure to extend the credits. I think Bush has even called for this. So I wouldn't be surprised if this happened. But will it happen before the end of September?

 

<div class='quotetop'>QUOTE(mkaresh @ Jun 7 2006, 09:43 AM) [snapback]267297[/snapback]</div>

Well, it only needs to happen before the end of the tax year, I would guess...

 

<div class='quotetop'>QUOTE(Robert564 @ Jun 6 2006, 10:55 PM) [snapback]267034[/snapback]</div>

There is nothing needed to do. Just file for it. If you are auditted then you have to provide proof that you did buy it yourself.

<div class='quotetop'>QUOTE(larkinmj @ Jun 7 2006, 11:48 AM) [snapback]267249[/snapback]</div>

Toyota/Lexus have delivered in excess of 60,000 units already by the end of May. As the law presently stands the full credit will be applicable to purchases through 9-30. Then in 4th qtr it will begin to decrease - unless extended.