$4500 tax rebate

Discussion in 'Prime Main Forum (2017-Current)' started by geguia, Apr 6, 2017.

  1. EV-ish

    EV-ish Active Member

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    I would be more sure of my answer if you post along the lines that Sumting did in (I think) post #19)
     
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  2. Pasaman

    Pasaman Active Member

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    The lines don't match up but I'll give a bit more detail. I'm using form 1040A. The earlier numbers were just for arguments sake. I have no credits besides the Child Tax Credit.


    Total Tax $8,111 ($9,111 total tax - $1,000 for Child Tax Credit)
    Total Payments $9,944
    Refunded to me $1,833
     
  3. EV-ish

    EV-ish Active Member

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    I get the feeling you understand taxes a lot better now than an hour ago. Good for you, and I consider my time well spent.

    Ughh ... I think my line references are still a bit off for Form 1040. Time for me to just read off the darn form while it is in front of me:

    Screen Shot 2017-04-06 at 12.41.15 PM.jpg

    Tax liability: Line 44
    Tax credits: Line 55 = Sum of Lines 48 through 54
    Final tax liability: Line 56 = (Line 44 - Line 55) but no less than zero
    Refund/Owed: Line 56 - prepayments (results < 0 are refunds)





    merged. use multi quote












    I'll plug in your numbers to a Form 1040. See my post #26 for references

    Line #44: $9,111
    Line # 55: $1,000 + EV credit of $4500 = $5500
    Line #56: 9,111 - 5500 = $3,611
    Refund: $3,611 - 9,944 = $-6,333

    Your result was $4,500 less since the EV tax credit was not considered.
     
    #23 EV-ish, Apr 6, 2017
    Last edited by a moderator: Apr 7, 2017
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  4. JohnLS

    JohnLS Junior Member

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    Does this have any effect for Prius v2 cars (2004-2009, I think)? Or is it only for the plug in Priuses?

    Posted via the PriusChat mobile app.
     
  5. xtins

    xtins New Member

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    Hey guys what about if I'm leasing the the car? Am I still eligible?

    Prius Prime 2017 - Advance
     
  6. dalcon95

    dalcon95 Senior Member

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    Only for plugin Prius. Years ago, there used to be a tax credit for regular hybrids, but they expired years ago when the government thought that it wasn't necessary to give that incentive anymore. The plugin tax credit expires when each model reaches 200,000 units sold. To give a perspective on that, the Nissan Leaf has been selling for 6 years now and still qualifies for the credit still today.

    #1 in Easley,SC


    merged, use multi quote




    Going by this article, the manufacturer gets the credit and may or may not pass the savings to you.
    Electric Vehicle Tax Credits: What You Need to Know | Edmunds

    #1 in Easley,SC
     
    #26 dalcon95, Apr 7, 2017
    Last edited by a moderator: Apr 7, 2017
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  7. EV-ish

    EV-ish Active Member

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    A nitpick that probably does not matter in practice: the car owner gets the tax credit. In the case of a lease the owner is the leasing company which is usually the financial arm of the manufacturer, but it does not have to be.

    Sorry for the tangent; I thought it interesting when I first learned the details.
     
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  8. MikeDee

    MikeDee Senior Member

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    I use Turbo tax. There were no problems being able to claim my tax credit.
     
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  9. Since2002

    Since2002 Senior Lurker

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    Actually the previous credit was similar to the current method. There was a fixed limit previously set of 60,000 vehicles per manufacturer. Toyota hit that mark in 1st quarter 2006, almost exclusively via Prius sales. The full credit was available for any Toyota hybrid (Prius, Camry, Highlander) purchased through the following two quarters, meaning through end of September 2006. Interestingly the amount of the credit was not based on battery size, but based on the additional cost of the hybrid system. Prius had the highest credit of $3,150, that's the credit amount that I got when I purchased my 2006 Gen II in March 2006. The next two quarters a reduced credit of $1,575 for Prius was available, followed by a credit of $787.50 for the final two quarters. Other carmakes took much longer to hit the 60,000 limit, and there was a concern that Prius sales would plummet once the credit expired and sales shifted to the other carmakes, but that didn't really happen. Per the original act (signed by George W Bush in 2005) all of the remaining credits expired at the end of 2010. Then in 2011 a new credit was enacted for BEV and plug-in hybrid vehicles.
     
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  10. dalcon95

    dalcon95 Senior Member

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    My comment is still correct in regard to it had expired just didn't give the details you mentioned. Thank you for the information. I didn't benefit with that credit since I bought both of my '05 Prii used. I am I Prii for the foreseeable of my life. Love my Prime!! I also have a '06 Highlander Hybrid!

    #1 in Easley,SC
     
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  11. Prius from Dad

    Prius from Dad Senior Member

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    As am I!
     
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  12. Since2002

    Since2002 Senior Lurker

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    It's funny I was going to say exactly that in my message but forgot to.
     
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