Government & Taxes Money, credits and more!

Scr****ed by the AMT

  #1  
Old 04-09-2007, 02:48 PM
PriusNut's Avatar
Nut
Thread Starter
Join Date: Aug 2006
Posts: 55
Default Scr****ed by the AMT

I bought my '06 in August, calculating on the full $3150 tax credit.

I just found out from my accountant that I'll only be getting $2100 of the credit, due to the AMT.

ARGGGHHH!!!
 
  #2  
Old 04-09-2007, 04:47 PM
Pretty Darn Active Enthusiast
Join Date: Oct 2006
Posts: 398
Default Re: Scr****ed by the AMT

You are not alone! Toyota and the Feds misrepresented this tax credit. I also had the understanding that I would get the full $3150.
 
  #3  
Old 04-10-2007, 08:26 PM
Pretty Darn Active Enthusiast
Join Date: Jan 2006
Location: Ppls Rep. of Boulder
Posts: 480
Default Re: Scr****ed by the AMT

Originally Posted by Resist View Post
You are not alone! Toyota and the Feds misrepresented this tax credit. I also had the understanding that I would get the full $3150.
Toyota's current tv advert includes a claim of $13,400 savings over 5 years based on the full tax credit of 3150 not the newer reduced credit or mention of possible ineligibility. They know the credit was reduced, but could be ignorant to the tax laws.

But who trusts the feds?
 
  #4  
Old 04-11-2007, 07:09 AM
Active Enthusiast
Join Date: May 2006
Posts: 179
Default Re: Scr****ed by the AMT

It's unfortunate that so many relied on the credits. This is a result not so much from misrepresentation as it is from lack of full understanding. My dealer didn't even profess to know about the credit. (He well knew that most NYC purchasers would not be getting the full credit, if any at all)

The disclaimers are everywhere.

They're even written into the tax code. The credit was designed to attract buyers but not actually pay out easily. The good thing about the AMT calculation is that so many did not receive the full credit. This most likely means that the credit won't be changed to make it harder to get (such as a credit recapture for those who sold before a reasonable time) but maybe made easier (like lifting the 60,000 unit phase out).

I personally don't make big decisions without discussing them with a pro first. For example, I talk to my pharmacist before taking anything the doctor has prescribed. My pharmacist has saved me and others from potential harm many times.

When it comes to the law, it is best to make decisions based on accurate interpretations from a professional or your own reading of the laws if you are proficient.

I feel for all of those who were mislead, but you know you still got a great car.
 
  #5  
Old 04-11-2007, 10:03 AM
gonehiking's Avatar
Active Enthusiast
Join Date: Oct 2006
Location: Colorado, USA
Posts: 85
Default Re: Scr****ed by the AMT

Originally Posted by PriusNut View Post
I bought my '06 in August, calculating on the full $3150 tax credit.

I just found out from my accountant that I'll only be getting $2100 of the credit, due to the AMT.

ARGGGHHH!!!
You got atleast something. I got $0 for my '06 HAH. Thanks to AMT. Atleast I am enjoying the car.
 
  #6  
Old 04-12-2007, 06:32 PM
Pretty Darn Active Enthusiast
Join Date: Oct 2006
Posts: 398
Default Re: Scr****ed by the AMT

Had I known I was not getting the full tax credit I definately would have waited before buying a new car. It was the tax credit alone that got me interested in the Prius. It was higher than the rest. The car I sold (a 2001 Honda Insight), was doing just fine and I could have waited a few more years before buying a new car. I'm so sick of the auto industry misrepresenting information to consumers.
 
  #7  
Old 04-14-2007, 09:28 AM
tigerhonaker's Avatar
G.H. Contributor
Join Date: Apr 2005
Location: The Music City, Tennessee
Posts: 1,396
Lightbulb Re: Scr****ed by the AMT

Originally Posted by Resist View Post
Had I known I was not getting the full tax credit I definately would have waited before buying a new car. It was the tax credit alone that got me interested in the Prius. It was higher than the rest. The car I sold (a 2001 Honda Insight), was doing just fine and I could have waited a few more years before buying a new car. I'm so sick of the auto industry misrepresenting information to consumers.
This is a very interesting Thread. I did not know that consumers were having problems with getting the Tax Credits on their Hybrids.

When we just Filed our Tax we had no issue at all getting the Full Tax Credit on our 2006 HCH II. We purchased it in I think Oct. 2005 and it seems to me that the Tax Credit was $2,100.00. No problem at all.

Like I said this is interesting to read all the problems that are showing up with owners and getting the correct Tax Credit.

Terry (tiger)

BTW, Sorry to read that "Owners" are having these "Problems".
 
  #8  
Old 04-14-2007, 09:36 AM
gonehiking's Avatar
Active Enthusiast
Join Date: Oct 2006
Location: Colorado, USA
Posts: 85
Default Re: Scr****ed by the AMT

Originally Posted by tigerhonaker View Post
This is a very interesting Thread. I did not know that consumers were having problems with getting the Tax Credits on their Hybrids.

When we just Filed our Tax we had no issue at all getting the Full Tax Credit on our 2006 HCH II. We purchased it in I think Oct. 2005 and it seems to me that the Tax Credit was $2,100.00. No problem at all.

Like I said this is interesting to read all the problems that are showing up with owners and getting the correct Tax Credit.

Terry (tiger)

BTW, Sorry to read that "Owners" are having these "Problems".
You must have taken tax deduction for your hybrid for tax year 2005. Things changed in 2006. Tax dedcution became tax credit in 2006 which sounded much better on the surface until we all started finding out this tax credit is subject to AMT and AMT has hit more people this year than last year, as I understand. So for people like me who got hit by AMT this year, we are finding our deduction has either been limited or eliminated completely. Thanks for trying to understand our frustration! I appreciate it.
 
  #9  
Old 04-16-2007, 06:01 AM
Active Enthusiast
Join Date: Nov 2006
Posts: 114
Default Re: Scr****ed by the AMT

Originally Posted by Resist View Post
Had I known I was not getting the full tax credit I definately would have waited before buying a new car.
I feel for all of those who were mislead, but you know you still got a great car.
There are many tax credits, deductions and breaks that go away above a certain level of income. I never get the $1000 tax credit for my kids because I am above the threshold that is set. I don't feel screwed or feel like I should have waited to have kids because I wouldn't get a credit. That is absolutely absurd thinking. The idea that you would or would not get a hybrid vehicle just because there is a tax deduction or credit available is just about as crazy.

I didn't get a dime in tax credit with the purchase of my hybrid and I knew that going in. I bought it anyway. I really hope that most people bought these type of vehicles because it was the right thing to do - not because it would reduce your taxes.
 
  #10  
Old 04-16-2007, 02:23 PM
Pretty Darn Active Enthusiast
Join Date: Oct 2006
Posts: 398
Default Re: Scr****ed by the AMT

Of the $3150 tax credit I only got $2100. Toyota has to take some of the blame, you can't tell me they didn't know not everyone would get the full amout. A simple line explaining that everyone might not get the full tax credit would have been nice.
 

Thread Tools
Search this Thread
Quick Reply: Scr****ed by the AMT


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

© 2019 MH Sub I, LLC dba Internet Brands

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.