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Tax Software for Hybrid Vehicle Tax Credit

Discussion in 'Gen 2 Prius Fuel Economy' started by Deevan, Jan 3, 2007.

  1. Deevan

    Deevan New Member

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    I apologize if this has been addressed before, I couldn't find any prior information through a search. I'm just wondering if there is any software out there that supports form 8910 for the 2006 Hybrid Tax Credit.

    Turbo tax explicitly does not. What are you guys using?

    edit: I put this under "Fuel Economy", since that's what the credit is for, right? :)
     
  2. MegansPrius

    MegansPrius GoogleMeister, AKA bongokitty

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    <div class='quotetop'>QUOTE(Deevan @ Jan 3 2007, 04:26 PM) [snapback]370281[/snapback]</div>
    Previously discussed here. http://priuschat.com/index.php?s=&show...st&p=363939

    *EDIT: the discussion above basically concluded that the IRS wasn't releasing the updated form until Feb 1, 2007.
     
  3. Deevan

    Deevan New Member

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  4. JimN

    JimN Let the games begin!

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    <div class='quotetop'>QUOTE(Deevan @ Jan 3 2007, 04:25 PM) [snapback]370325[/snapback]</div>
    This is where the confusion starts. The text IN the form is for a 2006 return. The big date in the upper right corner (2005) indicates it is a 2005 form, not a 2006 form. Will it make a difference? I don't know. When it wants to the IRS can be a real PITA. One of these days I will remember to call the IRS and get an "official" answer.

    My guess is that someone designed the form on the 2005 template and no one else noticed.
     
  5. fphinney

    fphinney Member

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    <div class='quotetop'>QUOTE(JimN @ Jan 3 2007, 07:52 PM) [snapback]370535[/snapback]</div>
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    I PREDICT that probably sometime in February, that the IRS will have the updated 8910 avaliable on it's website.
     
  6. JimN

    JimN Let the games begin!

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    <div class='quotetop'>QUOTE(fphinney @ Jan 4 2007, 12:23 AM) [snapback]370584[/snapback]</div>
    This evening I called the IRS (1-800-829-1040) and spoke with Mrs. Lovelace (got to love that name) #4316241. She said the 2006 version of form 8910 should be posted to the website (www.irs.gov) January 15. You CAN NOT use the 2005 version currently on the website with a 2006 return.

    To claim the credit you also need to file Form 6251 for alternative minimum tax.

    Perhaps when all the forms are available a sticky thread with the links could be posted.

    Did you really believe you were going to get the tax credit without some work?
     
  7. m6scott

    m6scott Junior Member

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    HI just quick question if I just paid off my 04 prius can I use any of the tax credits ? I was leasing it but paid it off and bought the car.So I am not sure if I can apply for a credit?
     
  8. JimN

    JimN Let the games begin!

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    <div class='quotetop'>QUOTE(m6scott @ Jan 9 2007, 03:29 PM) [snapback]373236[/snapback]</div>
    No. For tax year 2006 a new vehicle needs to be placed in service in 2006.
     
  9. m6scott

    m6scott Junior Member

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    <div class='quotetop'>QUOTE(JimN @ Jan 9 2007, 07:53 PM) [snapback]373369[/snapback]</div>

    OK so you have to have a brand new Prius to use any tax credit. Maybe in the near future this will change to include used hybrids.?
     
  10. kmcleese

    kmcleese New Member

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    I spoke with a TurboTax representative two days ago about this and he said (in very broken English) that it will be available through TurboTax on the 12th of January, 2007. I also have an email from them stating the same thing.