Hey Bryan,

How are your taxes going...

I've been playing around with mine and if I use schedule A (which comes out less than the Federal standard deduction) the itemized deduction is still higher than the OK state standard deduction. This creates less tax with the state but since my state tax is still less than the $1500 hybrid state credit it leaves more of the credit available for next year's taxes (as you know the OK state hybrid credit can carry forward for 2-3 years). Also with the limits on the Federal hybrid credit not being able to excede your Federal tax amount my Federal bottom line is the same either way. It's one of those weird little tax conundrums. Also since my itemized deduction is less (by more than my state withholding amount) than the standard deduction I should not have to claim my OK state tax refund as income on next year's 1040.

I hope this all made sense... of course everyone's set of circumstances are different this is just the result of mine.

Happy Taxes everyone...

p.s. I may loose about $40 of my hybrid credit depending how things work out but all in all I'm happy with what I'm getting.

 

Got my W-2's yesterday, started with Turbo Tax (used them last few years, so it pre fills alot of info for me).

Fed says I get $1721 (of $3000), but I get 100% of all taxes I paid this year. Ok taxes, started at $71 refund, put in the Hybrid credit and I got all $1500.

I like to follow along on paper to make sure I didn't skip something, or miss something, but on Fed I can't do any better!

 

Did you itemize or use the standard deduction? I'm still debating on that one myself.

I hate having to wait until the 29th for the hybrid tax form to be available!!!

Too bad the Fed Hybrid credit doesn't roll over like the Oklahoma one does.

P.S. are you going to mail your Oklahoma form or e-file? I'm still thinking about that one.

 

For now I don't have enough itemized deductions, maybe next year when I'm a homeowner, so the Std is better for me now.
I noticed it said the form is not available until the 29th, does that mean I can't even file until then?
I know, I wish the Fed had roll-over, but on the bright side I get state that I was not planning on, so in that case I actually made $200 more than I planned on getting from the Fed!

I haven't decided yet, Turbo Tax is like $23 to e-file, I can fill out the state forms fairly easily and save me the little bit of cash. Luckily this year I don't need the refund like I have in previous years, it's going into a savings account to accure interest while we make final plans to build our steel framed house, hopefully starting this spring! (as soon as probate is over & I can apply for a loan).

All in all not bad. $28.4 total for the FEH including warrenty (minus tags) - $3200 tax credit - $14k owed on trade in minivan getting 17mpgs = payoff will start in just about 13-14 years at these near $3/gal prices.
Net I paid $11k more than I owed on the mini van to gain 30+mpg; but I also now own a $25k+ net worth vehicle that retains resale value better than the quickly declining value of a minivan!

 

I think you can go ahead and finalize with TurboTax and they will hold your forms until the Hybrid Credit Form is available.

In the instructions for the OK 511CR (hybrid credit form) it states to attach "A copy of a paid invoice itemizing the cost of the equipment and installation must be furnished; including, if applicable, the type of fuel to which the vehicle has been converted." Does that mean manufactured cars as well? I was going to include a copy of my title if it was actually required.

Still happy with everything for the most part, even though I'm not getting all of the Federal Hybrid credit (about $400 short) I am getting the $1500 OK hybrid credit that I had not planned on initially.

 

I think if I read it right all they need is the sales reciept page for proof, no title's mentioned.

 

I waited until the 29th to finish up, also just incase any other items came in the mail, and a few did, but nothing significant.
Anyway I e-filled, and TT says it's all done, both Fed & State, I re-read all my print-outs and don't see where I need to mail anything in. ??? So I'm just going to make sure I keep a copy of everything in my tax file, like I normaly do. If the IRS wants a copy, they will mail you a letter asking for it, I know, They asked me a year or 2 ago about some stock option plan I sold from work and I figured it out wrong in TT. They caught it and said you owe us $xxx + penaltys. Oh well, it was my mistake, just paid it off and all is good. Not that incident might flag me for future audits, but I'm not tring to scam anyone, just filling in the blanks the best I can!

 

I finalized mine on the 29th with TT as well and on the 30th both IRS and OK had accepted my fillings. I suppose as you do that if they need additional information they will inquire in writing.

Now it is just a 10-14 day wait for the refunds to show up in my account.

It's blowing snow here... how about you?

 

Filed taxes with TurboTax 1/29/08
Accepted by IRS & OTC 1/30/08
Received OK Tax Refund in my checking account by Direct Deposit 2/1/08

S W E E T ! ! !

 

WoW! Really? Payoff will start in just about 13-14 years AND NOTING at these near $3/gal prices. Goodluck for a couple of happy times
__________________________________________________ __
My Autopartswarehouse Blog