Hybrid tax credit bait and switch
#61
03-10-2007, 01:51 PM
Re: Hybrid tax credit bait and switch
ATTENTION!!! I am no tax expert but at first it looked as if I was only getting about $500 of the $1300 credit because of the dreaded "minimum tentative tax" . Then I found out that there was a bug in Turbo tax where it was not importing my AMT capital gains carry over correctly and thus messed up my line "16" of the AMT worksheet. Once this was corrected I got my full credit. The rest of you might want to check this. Here's a link explaining the problem:
http://forums.turbotax.com/rss/messa...message.id=945
http://forums.turbotax.com/rss/messa...message.id=945
Just had mine done today and got to take the full $2600. it was a good day!!!
#62
03-11-2007, 03:49 PM
Re: Hybrid tax credit bait and switch
ATTENTION!!! I am no tax expert but at first it looked as if I was only getting about $500 of the $1300 credit because of the dreaded "minimum tentative tax" . Then I found out that there was a bug in Turbo tax where it was not importing my AMT capital gains carry over correctly and thus messed up my line "16" of the AMT worksheet. Once this was corrected I got my full credit. The rest of you might want to check this. Here's a link explaining the problem:
http://forums.turbotax.com/rss/messa...message.id=945
http://forums.turbotax.com/rss/messa...message.id=945
#64
03-20-2007, 09:49 AM
Re: Hybrid tax credit bait and switch
Once again, calling this tax credit a "bait and switch" is not correct.
Bait and Switch refers to offering one thing and then because you agree to buy it because of the one thing, replacing that one thing with something else less valuable.
The tax code in regard to the Hybrid Tax Credit NEVER changed from Day One....it was the same from the day it was implemented to today - nothing was ever "switched" for something else. There was NO SWITCH.
If your DEALER "promised" you a tax credit, then your beef is with the DEALER, not the IRS.
The IRS never "promised" anyone anything. The tax code was and is what it always was and is.
Now, is it UNFORTUNATE that some people because of the tax code were denied the full benefit of the tax credit? Sure it is, and I empathize with those people !!!
But if you bought your hybrid vehicle ONLY for the tax credit and then did not get it, I feel no sympathy for you. You should have bought the vehicle for it's obvious other benefits which you now enjoy every day of the year.
Bait and Switch refers to offering one thing and then because you agree to buy it because of the one thing, replacing that one thing with something else less valuable.
The tax code in regard to the Hybrid Tax Credit NEVER changed from Day One....it was the same from the day it was implemented to today - nothing was ever "switched" for something else. There was NO SWITCH.
If your DEALER "promised" you a tax credit, then your beef is with the DEALER, not the IRS.
The IRS never "promised" anyone anything. The tax code was and is what it always was and is.
Now, is it UNFORTUNATE that some people because of the tax code were denied the full benefit of the tax credit? Sure it is, and I empathize with those people !!!
But if you bought your hybrid vehicle ONLY for the tax credit and then did not get it, I feel no sympathy for you. You should have bought the vehicle for it's obvious other benefits which you now enjoy every day of the year.
Last edited by lars-ss; 03-20-2007 at 09:52 AM.
#65
03-20-2007, 10:03 AM
Re: Hybrid tax credit bait and switch
Sure, not technically a bait and switch, but the widely publicized tax credit was meant to be an government incentive, not a dealer incentive.
When I purchased my vehicle in May 2007, not even my tax guy could tell me that I would not get the credit, so how would the average person have known?
Yes, I like the car and no, the decision was not based on the credit...but that is not the issue here.
When I purchased my vehicle in May 2007, not even my tax guy could tell me that I would not get the credit, so how would the average person have known?
Yes, I like the car and no, the decision was not based on the credit...but that is not the issue here.
#66
03-20-2007, 02:53 PM
Re: Hybrid tax credit bait and switch
Well, I bought my TCH knowing full well I wouldn't get a penny of the tax credit....I am in the un-enviable (enviable?) position of not having enough taxable income to have a tax obligation this year....(And I paid cash, at MSRP in July, no financing for me)
I bought my loaded TCH on it's merits: great fuel economy, extremely low emissions, very quiet, Toyota reliability, technological wonder, near luxury, and making a statement regarding our nations dependence on the middle east's oil cartel.
8,000+ miles later, averaging 40.3 mpg overall, and couldn't be happier, with or without the mystical tax credit.
But...I truly feel for those who expected the $2600, and may not get it...very typical of our outdated tax code, and our(?) politicians....but that is another topic....
Thanks for the link and the heads up!
I bought my loaded TCH on it's merits: great fuel economy, extremely low emissions, very quiet, Toyota reliability, technological wonder, near luxury, and making a statement regarding our nations dependence on the middle east's oil cartel.
8,000+ miles later, averaging 40.3 mpg overall, and couldn't be happier, with or without the mystical tax credit.
But...I truly feel for those who expected the $2600, and may not get it...very typical of our outdated tax code, and our(?) politicians....but that is another topic....
Thanks for the link and the heads up!
I bought my TCH a few weeks ago from Carmax and I am not expecting any rebate. When I first heard of that I kind of though "Oh, that's cool." but once I thought about it more I realized the government would find some way to fall short of the claim, so the rebate played no factor in my decision. A fully loaded TCH was just $800 more than a fully loaded XLE V6 (my next choice) and to me that is a very small price to pay for the green/technological improvment of the hybrid. Plus I'll save that in gas money in just a few years being that this car will be used for everything, not to mention resale value and reliability.
#67
03-30-2007, 03:46 PM
Re: Hybrid tax credit bait and switch
I can't make heads or tails of this (I'm tax/math illerate)! All I know is that I got in for a $1300 tax credit (since I purchased it yesterday 3/29). Last year I paid $2000 in Federal Taxes and got a $100 return. I make 38,000 a year and I'm single with no house. Can anybody tell me if I'll see a penny? I'm so ignorant about it I thought I would receive the whole thing.
#68
03-30-2007, 04:09 PM
Re: Hybrid tax credit bait and switch
I can't make heads or tails of this (I'm tax/math illerate)! All I know is that I got in for a $1300 tax credit (since I purchased it yesterday 3/29). Last year I paid $2000 in Federal Taxes and got a $100 return. I make 38,000 a year and I'm single with no house. Can anybody tell me if I'll see a penny? I'm so ignorant about it I thought I would receive the whole thing.
#69
04-01-2007, 11:26 AM
Re: Hybrid tax credit bait and switch
I can't make heads or tails of this (I'm tax/math illerate)! All I know is that I got in for a $1300 tax credit (since I purchased it yesterday 3/29). Last year I paid $2000 in Federal Taxes and got a $100 return. I make 38,000 a year and I'm single with no house. Can anybody tell me if I'll see a penny? I'm so ignorant about it I thought I would receive the whole thing.
