2006 Tax Credit - NOT!

Discussion in 'Prius Tax Credit Discussion' started by bsd43, Feb 4, 2007.

  1. km5er

    km5er New Member

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    Yep me too....I get zip. I even made a deal to wait till Jan.3 to get the car so I could get the credit. Now after the fact the rules are changed and AMT forces me to get zip. I am getting sick of being taxed to death.
     
  2. JimN

    JimN Let the games begin!

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    <div class='quotetop'>QUOTE(Jonathan @ Apr 16 2007, 01:17 PM) [snapback]424094[/snapback]</div>
    Jonathan, Go to www.taxact.com and download their free program. Fill in all the information and print out a complete 2006 1040 form which will include the 6251 (AMT) and 8910 (Hybrid Credit). Go to www.irs.gov and download a 1040X (amended return). On the 1040X plug in the numbers from your original 1040 and add the hybrid credit. I think it is on line 7 1040X but check one of my recent posts. Next file the 1040X with the 6251 and 8910 that taxact completed. I don't know of an easier way. Hope this helps.

    <div class='quotetop'>QUOTE(haceaton @ Apr 16 2007, 12:41 PM) [snapback]424072[/snapback]</div>
    Haceaton, For 2006 instead of claiming the amount of state tax that was deducted why not claim the actual state tax liability? As an example, if you paid $3000 but owed $2000, claim the $2000. For 2007 you will not have to declare the refund as income.
     
  3. haceaton

    haceaton New Member

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    <div class='quotetop'>QUOTE(JimN @ Apr 16 2007, 08:50 PM) [snapback]424324[/snapback]</div>
    The instructions for Schedule A do not seem to allow discretion to reduce the amount reported this tax year.
    I did however do some further research and found that Publication 525 indicates that "if your tax, after applications of the credits, does not change, you did not have a tax benefit from the deduction. Do not include the recovery in your income." So it appears that I will be able to exclude the state tax refund from next year's 1040. :)

    Interestingly it still seems that anyone in my "tenative minimum tax" situation who underwitheld their state tax will get an additional benefit next year. Pity I'm not one of them.
     
  4. Jonathan

    Jonathan New Member

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    <div class='quotetop'>QUOTE(JimN @ Apr 16 2007, 08:50 PM) [snapback]424324[/snapback]</div>
    Jim, thanks for the ideas. I can't bear the thought of filling in any more forms. i've already filed online at a site that didn't have my state, so I did it all over again at another site to do state. I have downloaded the 6251, 8910 and 1040x. All I can do is stare at them.

    (added hour later) Just found out that since I've filed (already have refund) I can wait and do the 1040x after all the excitement of the 17th is over. Will probably take it to have done somewhere. Thanks for all the suggestions. Jon
     
  5. Devil's Advocate

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    Keep voting for people who want more taxes and that's what you get, more taxes and the AMT!!!!!
    MUUUU HAHAHAHAHAHAHAH
     
  6. JimN

    JimN Let the games begin!

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    <div class='quotetop'>QUOTE(Jonathan @ Apr 17 2007, 01:02 PM) [snapback]424731[/snapback]</div>
    You have 3 years to file that amended return.
     
  7. fshagan

    fshagan Senior Member

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    <div class='quotetop'>QUOTE(haceaton @ Apr 16 2007, 02:16 PM) [snapback]424268[/snapback]</div>
    Nope, owed 0 on Form 6251 (still had to file it, I guess, but there's a zero in there). I used TaxCut, and didn't go through each form line by line ... so we'll see if the program has an error in it. Line 44 taxes were $13,253, and the full $3,150 was deducted from that, for a net tax liability of just over $10k. But I didn't overpay my California taxes this year in withholding (in fact, I owed California tax), so I didn't run into his problem.
     
  8. windstrings

    windstrings Certified Prius Breeder

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    <div class='quotetop'>QUOTE(ohgreys @ Feb 5 2007, 10:52 AM) [snapback]385540[/snapback]</div>

    that must be what got me for filling for 'two" prius's... I got the first one, but the second was very little.
     
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