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2005 Tax Credit

Discussion in 'Gen 2 Prius Main Forum' started by jaeco, Sep 8, 2006.

  1. jaeco

    jaeco Junior Member

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    I've gone through tons of old messages re the tax credit or deduction for 2005 year for my Prius. I had to file two extensions on my taxes so that's why I'm just dealing with this now for 2005. My tax guy said it was a deduction, not a credit, and that he had a hard time figuring out how to deal with it. Some of the posts I've read for 2005 indicated that it was entered on line 35 or 36 or something, and that the $2000 was deducted directly from the AGI. He said it only saved me about $500, maybe 600. I guess I thought it would save me more than that. I guess it depends on income level. Thanks.
     
    #1 jaeco, Sep 8, 2006
  2. Proco

    Proco Senior Member

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    <div class='quotetop'>QUOTE(jaeco @ Sep 8 2006, 12:31 PM) [snapback]316403[/snapback]</div>
    For 2005 it was indeed a $2000 tax deduction. You can find detailed information about it, including how to claim the deduction, here:

    http://www.fueleconomy.gov/feg/tax_hybrid_old.shtml
     
    #2 Proco, Sep 8, 2006
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