FYI: TurboTax 2007 and the Hybrid Tax Credit
 

Just an FYI to those that will qualify to get their Hybrid tax credit for purchasing your HCHII last year and are using TurboTax 2007...

I got my W-2's today. I just purchased TurboTax 2007 and wanted to get a jump on my taxes and check a few things out even though I don't have my mortgage interest statement yet (but I know an approximate for it). Anyway, I'm glad to say that I don't qualify for the AMT (don't think I ever have) so I get the Hybrid Tax Credit of $2,100 for purchasing the HCHII in April last year (Yay!)! However, if I wanted to file my taxes today I wouldn't be able to because TurboTax does not have the final Hybrid Tax Credit form (can't remember the number... it's like Form 8910) and I will have to wait for them to update the software with the final version of the form (using the "One-click updates") before I can file my taxes.

On a side note, now that I'm getting the HTC, I can officially say I only paid $19,200 OTD! I plan on putting that $2,100 I'm getting back directly to my auto loan (which should cut about 6 months of payments off it)

Also, discuss if you will... but please don't ask me specifically about the HTC cutoff dates for the HTC dropping from $2,100 to $1,050 since 60K HCH's have been sold.

Re: FYI: TurboTax 2007 and the Hybrid Tax Credit
 

Another note on tax software:

We used the web based version of H&R Block's TaxCut last year. After entering everything, we got to the end and it had never asked about the HTC. When I called them, they told that the HTC wasn't supported online and that I would have to buy the cd version. So much for maximizing my deductions; out came the pen and paper.

Re: FYI: TurboTax 2007 and the Hybrid Tax Credit
 

I've been usung TaxAct.com's software for a few years. It's free if you print and mail your return. $20 to e-file Federal and State. Last year the HCH credit was an easy couple clicks. It comes up automatically in the software's Q&A.

I recommend it.

Re: FYI: TurboTax 2007 and the Hybrid Tax Credit
 

I just purchased the H&R block tax software for 2007. It does have a specific spot that automatically mentions the HTC. However, it states that it needs updates for that section still. Not a surprise, as the last time I used tax software, it was the end of February before all the updates were done.

I haven't gotten all the tax docs required yet to finish my taxes, but we'll see how it stacks up.

Overall pricing:

H&R - $40
Money Plus - $40

Total Rebates:

H&R - $10
Money Plus - $40

In all, I figured not a bad price, espeically since I needed up update my financial software anyway.

Matt

Re: FYI: TurboTax 2007 and the Hybrid Tax Credit
 

For Tax Credit info, I just went to the source: IRS.gov. They show, by model year, which cars get what tax credit. http://www.irs.gov/newsroom/article/...157632,00.html
The tax credit form number is: Form 8910.

Re: FYI: TurboTax 2007 and the Hybrid Tax Credit
 

Well I did a mock test run on my taxes through intuit.com free online filing and it only gave me 1200.00 back with the hybrid credit. So you will not recieve 2100.00 back like the salespeople say :)

It seems the 2100 will lower your taxable income. So if anyone had any questions about that, there it is.

:)

Re: FYI: TurboTax 2007 and the Hybrid Tax Credit
 

Depends on your income, and a host of potential other things. I bought mine in 2006, and got ALL the $2100 credit. Some people get none. Others, get some.

Re: FYI: TurboTax 2007 and the Hybrid Tax Credit
 

Just ran mine, I got the full $2,100 plust a nice deduction for the sales tax (WA. state has no income tax, we can claim credit for sales tax). I used Turbo Tax, the only problem is that there is an apparent delay in getting the Hybrid form online for the IRS (within the program).....they say it will be available on 1/29.

Re: FYI: TurboTax 2007 and the Hybrid Tax Credit
 

This is misinformation. You must've been hit with the AMT.

The $2100 is a tax credit, not a deduction.

My test run through TaxAct.com's program had no problem adding $2100 to my return.

Re: FYI: TurboTax 2007 and the Hybrid Tax Credit
 

i ran a test through turbotax.com and received the full 2100. apparently the amt is hitting a number of people, though.