Tax credit pls help

Discussion in 'Gen 1 Prius Plug-in 2012-2015' started by Priusmpg, Sep 17, 2013.

  1. Priusmpg

    Priusmpg Active Member

    Joined:
    Sep 9, 2013
    628
    107
    0
    Location:
    Fremont, California
    Vehicle:
    2014 Prius Plug-in
    Model:
    Plug-in Base
    Hey guy I purchased a new '13 plugin couple weeks ago the dealer is completely helpless I'm in California I already got the cvrp rebate but I have the form 8936 IRS and need help when and how do I file this ? Do I file it with my income taxes, is this real money or a tax deduction, do I get a check ?

    Thanks in advance
     
  2. BreakingPrius

    BreakingPrius Junior Member

    Joined:
    Aug 14, 2013
    35
    9
    0
    Vehicle:
    2011 Prius
    You file it with your income taxes and it's a credit that gets lumped in with everything else, if you owe any it'll go towards that.
     
  3. CharlesH

    CharlesH CA HOV Decal #5 on former PiP

    Joined:
    Nov 27, 2005
    2,631
    1,061
    0
    Location:
    Roseville, CA
    Vehicle:
    2017 Prius Prime
    Model:
    Prime Advanced
    It is a credit against taxes owed for the year, but cannot exceed the taxes owed. Note that we are talking about your total tax bill, not what you may owe or get back when filing due to contributions toward your tax bill from, for example, payroll withholding or estimated tax payments.
     
  4. Priusmpg

    Priusmpg Active Member

    Joined:
    Sep 9, 2013
    628
    107
    0
    Location:
    Fremont, California
    Vehicle:
    2014 Prius Plug-in
    Model:
    Plug-in Base
    So since I've always paid my taxes and don't have any taxes due This is worthless ?
     
  5. JimboPalmer

    JimboPalmer Tsar of all the Rushers

    Joined:
    Apr 14, 2009
    12,210
    6,574
    2
    Location:
    Greenwood MS USA
    Vehicle:
    2012 Prius v wagon
    Model:
    Three
    It you have any Federal taxes, it is not worthless. if you do not have to file taxes, yes it is worthless.
     
  6. RBooker

    RBooker Member

    Joined:
    Oct 16, 2012
    154
    56
    0
    Vehicle:
    2012 Prius Plug-in
    Model:
    Plug-in Base
    You get the credit even if you pre-pay your taxes.
     
  7. CharlesH

    CharlesH CA HOV Decal #5 on former PiP

    Joined:
    Nov 27, 2005
    2,631
    1,061
    0
    Location:
    Roseville, CA
    Vehicle:
    2017 Prius Prime
    Model:
    Prime Advanced
    Is your tax bill for the year $0? If so, then this credit won't help you. It doesn't matter if you have paid everything you owe by the end of the year and owe nothing additional when filing; what counts is how much tax you had to pay, regardless of when you pay it.
     
  8. rogerv

    rogerv Senior Member

    Joined:
    Dec 10, 2008
    1,639
    317
    14
    Location:
    Simi Valley, California
    Vehicle:
    2012 Prius Plug-in
    Model:
    Plug-in Base
    If you file your own tax returns, do you use the short form or the long form. In other words, do you itemize and claim deductions for things like health costs, mortgage interest, etc? If so, then when you file for 2013, you will fill out the form with the purchase info and claim the credit against your total tax liability. Disclaimer: I am not a tax expert, CPA or actor playing one of them on television. Consult your tax professional. ;)
     
    Priusmpg likes this.
  9. fuzzy1

    fuzzy1 Senior Member

    Joined:
    Feb 26, 2009
    14,310
    7,809
    90
    Location:
    Western Washington
    Vehicle:
    2012 Prius
    Model:
    Three
    If you pay your federal income taxes through payroll withholding, or through quarterly payments directly to the IRS, this credit will increase your refund from the IRS. But if your total tax is low, this credit cannot make that refund larger than those total payments.
     
    Priusmpg likes this.
  10. Priusmpg

    Priusmpg Active Member

    Joined:
    Sep 9, 2013
    628
    107
    0
    Location:
    Fremont, California
    Vehicle:
    2014 Prius Plug-in
    Model:
    Plug-in Base
    Thanks this helped me out
     
  11. wjtracy

    wjtracy Senior Member

    Joined:
    Sep 19, 2006
    10,980
    3,429
    1
    Location:
    Northern VA (NoVA)
    Vehicle:
    2006 Prius
Loading...