Prius Prime Preliminary State Tax Credit Discussion

Discussion in 'Prime Main Forum (2017-Current)' started by wjtracy, Mar 28, 2016.

  1. wjtracy

    wjtracy Senior Member

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    I thought so I did not feel $1500 should change your mind
     
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  2. bisco

    bisco cookie crumbler

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    you know me too well. i am tempted though, i sure would like the electric heat pump and bigger battery this time of year.
    then again, i hope to be leaving for florida in a month
     
  3. Lynkdev

    Lynkdev New Member

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    I bought my prime in July 2018. It's a 2017 model and I was told I could submit for the tax credit during tax season. Is this still open? I went to the IRS site and it looks like the ended it (could have misread).

    If it hasn't ended yet, do I just fill out the form and submit with whoever I do my taxes with?
     
  4. triggerhappy007

    triggerhappy007 Active Member

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    As long as you bought it new, you qualify, but the form is not available yet for tax year 2018. It should be available in about a month.

    About Form 8936 | Internal Revenue Service
     
  5. utsug

    utsug Member

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    I use Freetaxusa.com to file my taxes and the form 8936 is available.

    Edit: I checked with their customer support and they said that IRS is not ready until possibly end of Feb. in accepting this Form 8936.
     
    #105 utsug, Jan 21, 2019
    Last edited: Jan 21, 2019
  6. wjtracy

    wjtracy Senior Member

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    You should be good as gold on Federal tax credit for 2018, when IRS is done with the forms, and assuming you owe some taxes.
     
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  7. triggerhappy007

    triggerhappy007 Active Member

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    A better term is tax liability. You could owe nothing on your taxes at the end of the year and still get $4502 back.
     
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  8. Lynkdev

    Lynkdev New Member

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    $4502? the tax credit is taken off what i owe (if anything) and i was also told this is a $1500 credit. Where does the 4502 come from?
     
  9. CharlesH

    CharlesH CA HOV Decal #5 on former PiP

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    The point being that how much you had withheld during the year has no effect on your eligibility for the $4502 credit. At the end of the year, you compute how much your tax liability is for the year (including the $4502 credit), compare it to how much you had withheld, and the difference is your refund or what you owe when you file your return.
     
  10. Rmay635703

    Rmay635703 Senior Member

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    Should make a chart of this info along side the additional state registration taxes (when applicable)
     
  11. triggerhappy007

    triggerhappy007 Active Member

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    $4502 is the maximum tax credit for the Prime and is based on the size of the battery and how many plug ins Toyota has sold and your tax liability. If at the end of 2018, your tax liability is greater than $4502, then you'll get the full tax credit. Who told you that the IRS tax credit is only $1500?
     
  12. Hayman66

    Hayman66 Member

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    I think you are talking about two different things. I live in Texas and I received 2500 credit for owning my Prime through the state. I will also get 4502 tax credit for my prime as well. Each state is different. Maybe his state offers 1500.?
     
  13. Rmay635703

    Rmay635703 Senior Member

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    BAD12D8A-F164-449C-9750-2569C26522D4.gif
    My state not only doesn’t give a tax credit they double or triple your registration and depending on county charge extra wheel tax.
    I think decentives should be listed as well to show the worst offenders on the incentive decentive scale

    Issue with the chart above is that it ignores
    1. County level fees (like wheel taxes)
    2. Single time up front costs when buying a Bev

    It appears over half the states that charge fees do not give a BEV tax credit
     
    #113 Rmay635703, Jan 22, 2019
    Last edited: Jan 22, 2019
  14. Hayman66

    Hayman66 Member

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    That sucks!
     
  15. triggerhappy007

    triggerhappy007 Active Member

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    The way he worded it was a tax credit. Texas is more like a $2500 mail in rebate which is taxed.
     
  16. wjtracy

    wjtracy Senior Member

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    Wow, if that map is accurate, it looks like a lot of states have recently started charging gasoline hybrid drivers more tax, which stinks. Plug-ins are a different story due to use of alternate fuel.

    Looks like some are low (eg; $30 per year in SC and it is a new tax for 2018).
     
    #116 wjtracy, Jan 22, 2019
    Last edited: Jan 22, 2019
  17. Lynkdev

    Lynkdev New Member

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    Thanks for the heads up, my dealership told me this. I also am using the HOV clean air vehicle sticker. Think i remember them telling me i couldnt do both or something as well.
     
  18. utsug

    utsug Member

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    The $1,500 is a state rebate for CA. You get the HOV sticker plus $1500 rebate from CA. If you fall on a certain income bracket, they add $2,000 more so the total rebate could add up to $3,500.
    Read here.. CVRP Eligible Vehicles | Clean Vehicle Rebate Project

    Edit: I think the $1500 the dealership is telling you is the toyota cash back that they offer in CA. You can either get this or 0.9% APR. But not both.
     
    #118 utsug, Jan 22, 2019
    Last edited: Jan 22, 2019
  19. juhjuhjuhjames

    juhjuhjuhjames Junior Member

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    Interesting. So can you still file now, but just have to wait until they accept the form for them to process your return? Or do you have to wait all together to file?

    HR block also has the form available, and customer service also says it’s ready to be filed. Wonder if it’s the same case as thru taxusa
     
  20. utsug

    utsug Member

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    That's what they are telling me, that I can file now. Maybe I'll wait till end of Feb. Although I wasn't able to take full advantage of $4502, at least I got some money back.
     
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