May have gotten screwed on tax credit(s)

[Spiffster]

I was doing my taxes LAST YEAR using Turbo Tax Online and could not get the system to accept my 750 dollar tax credit for the FFH that I took delivery of on the 9th of December 2009. Wasnt sure why it kept giving me an error on that portion of the program. Kept saying that I was not eligible for that particular tax credit. At the time I assumed that I had missed the cutoff so I just went about my business and completed filing. After further research I am positive that I was indeed supposed to get this credit. I understand that I can apply to receive this credit for this tax season, is that correct?

 

Also, I am finding a lot of conflicting information for tax credits on Hybrids in Colorado. Some sites say Colorado has a tax credit for "HEVs, PHEVs and EVs" while others say "PHEVs and EVs". Why the hell would they give a 40k tax credit to a Tesla owner and 0 to a middle class (more like lower middle class) Fusion Hybrid owner... wtf? Anyone have any more information on this? Thanks!

[Grey]

If you ordered the vehicle, the "purchase" date was the committment to purchase (order) date. In service date is when you took possession of the FFH. The IRS forms are confusing. Look back to previous forum messages on the tax credit.

[Spiffster]

Thanks for the quick reply.

 

In my case things are really simple, the order date was the delivery date. Just walked into the dealership, laughed when the sales person told me it would get the full credit, and purchased the car anyway knowing that I should get the 750 credit. Took delivery that same day. From my research in this forum, it looks like many used turbo tax. I cant believe that I made a typo, I attempted to fill out the credit at least 5 times to my disbelief that I was not eligible.

 

Also, what's this I read about deducting the sales tax? I saw no such form in turbo tax... Im going to see an actual professional to do my taxes this year...

 

Already got screwed out of the 8k new home buyer credit, I am not losing this one!

[akirby]

I was doing my taxes LAST YEAR using Turbo Tax Online and could not get the system to accept my 750 dollar tax credit for the FFH that I took delivery of on the 9th of December 2009. Wasnt sure why it kept giving me an error on that portion of the program. Kept saying that I was not eligible for that particular tax credit. At the time I assumed that I had missed the cutoff so I just went about my business and completed filing. After further research I am positive that I was indeed supposed to get this credit. I understand that I can apply to receive this credit for this tax season, is that correct?

 

No - you'll have to file an amended return for the 2009 tax year and claim the credit. Either there was an error in TurboTax or you didn't fill out the form correctly. Also I believe the FFH credit is $850, not $750 according to fueleconomy.gov.

http://www.fueleconomy.gov/feg/tax_hybrid.shtml

 

 

Why the hell would they give a 40k tax credit to a Tesla owner and 0 to a middle class (more like lower middle class) Fusion Hybrid owner... wtf? Anyone have any more information on this? Thanks!

 

Simple - because it's a temporary incentive for the automakers to invest in new technology. Regular hybrids are firmly established now and they gov't is encouraging plug-in hybrids and electric vehicle development. Those credits will also expire after the automaker sells a certain number of vehicles. The incentive is aimed at the mfrs and basically guarantees they can sell enough retail vehicles to recoup their investment.

 

I don't necessarily agree with it - I'm just explaining the logic.

[Grey]

Order by 3/31/2010 = $850 tax credit ---after that $0. (The Fusion Hybrid tax credit started at $3,400 and went to $1,700 on 4/1/2009 and to $850 on 9/1/2009.) The 8910 form is confusing. I think you may need to file an amended return for 2009 to get the credit.

[Spiffster]

No - you'll have to file an amended return for the 2009 tax year and claim the credit. Either there was an error in TurboTax or you didn't fill out the form correctly. Also I believe the FFH credit is $850, not $750 according to fueleconomy.gov.

http://www.fueleconomy.gov/feg/tax_hybrid.shtml

 

 

 

 

Simple - because it's a temporary incentive for the automakers to invest in new technology. Regular hybrids are firmly established now and they gov't is encouraging plug-in hybrids and electric vehicle development. Those credits will also expire after the automaker sells a certain number of vehicles. The incentive is aimed at the mfrs and basically guarantees they can sell enough retail vehicles to recoup their investment.

 

I don't necessarily agree with it - I'm just explaining the logic.

 

I see what you are saying and I agree mostly but there should have been a cap on the Colorado tax credit for EVs. 40k is insane...

 

850 that is correct, not sure where I got 750 from, the information is not very fresh in my mind. Thanks for the responses guys.

[rfruth]

I know Co. has some generous rebates for EVs but 40 grand - The Feds are good for $ 7500. does the state kick in the rest for a qualifying vehicle, anyone have a link ?

http://www.hybridcars.com/local-incentives/region-by-region.html

[rfruth]

I started imaging myself in a $ 110,000 Tesla & forgot to say I had to fill out IRS form 8910

 

http://www.irs.gov/pub/irs-pdf/f8910.pdf

[rpoffen]

Order by 3/31/2010 = $850 tax credit ---after that $0. (The Fusion Hybrid tax credit started at $3,400 and went to $1,700 on 4/1/2009 and to $850 on 9/1/2009.) The 8910 form is confusing. I think you may need to file an amended return for 2009 to get the credit.

 

If I recall correctly, if you are subject to AMT (Alternative Minimum Tax), you DON'T get the credit.

[akirby]

If I recall correctly, if you are subject to AMT (Alternative Minimum Tax), you DON'T get the credit.

 

That was initially true but I think they changed that for 2009 or 2010 tax year - not 100% sure though.