1. Attachments are working again! Check out this thread for more details and to report any other bugs.

05 Tax Credit and Turbotax

Discussion in 'Gen 2 Prius Main Forum' started by s3nfo, Mar 3, 2006.

  1. s3nfo

    s3nfo Member

    Joined:
    Sep 3, 2005
    164
    24
    0
    Location:
    San Diego, Ca
    Vehicle:
    2010 Prius
    Model:
    V
    Anybody do the paperwork for the 05 tax credit yet? What form do you use? Pub 535 is practically useless for figuring out how to do it?
    If you use Turbotax, how'd you get the info into TT?

    TIA,

    Jerry N
     
    #1 s3nfo, Mar 3, 2006
  2. mdmikemd

    mdmikemd Member

    Joined:
    Dec 3, 2005
    436
    13
    0
    Location:
    Minneapolis
    Vehicle:
    2017 Prius
    Model:
    Two
    I did my taxes on Turbo Tax already. There should be a page with about 7 questions, it also asked the brand of the car. I then filed electronically. If you go with TTax, don't confuse the question about "Qualified Electric Car", the Prius is NOT an electric car. When you answer "NO" to that question, soon after they ask about Hybrids.

    I found it VERY easy to get the Prius information into TTax, once you get to the right section. If it takes you more than 2 minutes, then you're doing something wrong, likely stuck on the "Qualified Electric Car" section.
     
    #2 mdmikemd, Mar 3, 2006
  3. s3nfo

    s3nfo Member

    Joined:
    Sep 3, 2005
    164
    24
    0
    Location:
    San Diego, Ca
    Vehicle:
    2010 Prius
    Model:
    V
    Thanks, Mike, got it!
     
    #3 s3nfo, Mar 4, 2006
  4. Rick Grahn

    Rick Grahn New Member

    Joined:
    Nov 14, 2004
    285
    3
    0
    Location:
    Illinois
    Vehicle:
    2005 Prius
    The credit is only if you bought in '05, right? I bought in late '04 and got a credit on my '04 taxes, but there is no credit I can get in '05 unless I bought in '05, right?
     
    #4 Rick Grahn, Mar 4, 2006
  5. mdmikemd

    mdmikemd Member

    Joined:
    Dec 3, 2005
    436
    13
    0
    Location:
    Minneapolis
    Vehicle:
    2017 Prius
    Model:
    Two
    Correct...you must buy in calander year 2005.
     
    #5 mdmikemd, Mar 4, 2006
  6. ~sparky~

    ~sparky~ New Member

    Joined:
    May 8, 2005
    109
    6
    0
    Location:
    Tempe, AZ
    just one clarification here - it's a tax deduction for 2005... not nearly as good as a credit.

    deduction simply reduces your taxable income (just like mortgage interest or charitable contributions)

    credit is a bottom line reduction in your owed tax.
     
    #6 ~sparky~, Mar 4, 2006
(You must log in or sign up to post here.)