Stupid Prius Owner needs help!!

Yes, you're right... we ignored the case where you owe less than the amount of the tax credit.

The government won't cut you a check for any more than you've paid in. period. finis.

So there are a couple of scenarios available:

Case 1: you owe less than 3150
- you owe 2000, and paid in 2000: you get a refund for 2000
- you owe 2000, and paid in 1000: you get a refund for 1000
- you owe 2000, and paid 0: you get no refund
- you owe 2000, and paid in 2100: you get a refund for 2100

Case 2: you owe 3150
- you owe 3150, and paid in 3150: you get a refund for 3150
- you owe 3150, and paid in 1000: you get a refund for 1000
- you owe 3150, and paid 0: you get no refund
- you owe 3150, and paid in 3250: you get a refund for 3250

Case 3: you owe more than 3150
- you owe 4000, and paid in 4000: you get a refund for 3150
- you owe 4000, and paid in 1000: you get a refund for 150
- you owe 4000, and paid in 500: you pay an additional 350
- you owe 4000, and paid 0: you pay 850
- you owe 4000, and paid in 4100: you get a refund for 3250

Case 4: you are hit with AMT
- You owe 4000, with an AMT of 2000, pay in 4000: you get a refund for 2000
- You owe 4000, with an AMT of 2000, pay in 2000: you get no refund
- You owe 4000, with an AMT of 2000, pay in 0: you pay 2000
- You owe 4000, with an AMT of 2000, pay in 4100: you get a refund for 2100

That should cover all the cases (i think). of course, the numbers are all completely made up, in order to illustrate the different scenarios in each case.

 

<div class='quotetop'>QUOTE(Sufferin' Prius Envy @ Oct 31 2006, 12:13 PM) [snapback]341304[/snapback]</div>

i've done my own taxes since the first time i had to file. since then i've run across a large number of tax deductions, tax credits, taxable and nontaxable fellowships, scholarships, a whole lotta crap with my gradschool tuition, out of state/nonresident state taxes, and other assorted stuff. i read instructions till i understand them, triple check and do just fine on the 1040s every year. i'm such a penny pincher, you think i'd let the guvmint have any money that's deservedly ours?

maybe it's just us... but not all of us can afford to pay someone else to do it and decide to learn how themselves. maybe it's that i had to rely on myself a lot as a kid to figure life out and it just extended to taxes. i don't know.

i wholeheartedly agree though, there's much more to life than worrying about taxes.

 

It's much, much easier when you have a certified CPA in the family... "Dad, could you take a look at my forms here?"

 

<div class='quotetop'>QUOTE(Cheap! @ Oct 31 2006, 10:34 AM) [snapback]341319[/snapback]</div>

My CPA owns a small/medium size firm which does both business and individual taxes. He charges us $190 for doing our income taxes . . . and he deducts that too!!! :lol:
The fee includes meeting with him in his office to talk about any concerns, possible future plans which could affect taxes, and the tax records we hand over to him. He does quick precursory calculations right there in front of you – so you know what to expect, then his full time staff does the actual paperwork and any further investigating which may need to be done. They mail the tax returns to us to sign and then I mail them to the State and IRS. We can also call him to answer questions which may affect our future taxes . . . without an additional charge.

As I said, he saves us much more in taxes than he charges. The peace of mind is an added bonus.

You should be able to find someone comparable in the Huston area.

 

<div class='quotetop'>QUOTE(Cheap! @ Oct 31 2006, 11:45 AM) [snapback]341286[/snapback]</div>

Not if it means I'd have to drive my Prius into the harbor.

 

<div class='quotetop'>QUOTE(galaxee @ Oct 31 2006, 12:32 PM) [snapback]341318[/snapback]</div>

Sounds like me - I've already started researching. Even though I may not have all my needed documents right away I will have a general idea of my deductions and go from there.
Does any know if Turbo Tax determines AMT?

 

the complexity of the income tax laws and the cost of the income tax laws should make us all support a National Sales Tax and get rid of fed income tax...Texas did it...and the state had a surplus for a while...check it out....
http://www.fairtax.org/