Where do we find updated tax credit info?
#1
02-19-2009, 03:05 PM
Where do we find updated tax credit info?
Anyone have a link to current tax credit info I can print out and pass on to your accountant while doing my taxes? I got a 4wd FEH in the fall....thought I had 2200 coming, now I see 1950? I depends when you took delivery correct?
#2
02-19-2009, 06:26 PM
Re: Where do we find updated tax credit info?
I only got like $1800-2000 of my $3000 (can't remember last year)
#4
02-19-2009, 08:34 PM
Re: Where do we find updated tax credit info?
CORRECTION - The 2009 4WD FEH did get a reduced tax credit when compared to the 2008 4WD FEH per this IRS document and this document.
At this point when you took possession does not matter with respect to the credit amounts. It matters what year model you purchased.
Any any case, if you took possession of your FEH (2008 or 2009 model) between 1/1/08 and 12/31/08, you can get up to the full amount on your 2008 taxes as there has been no across the board reduction of the tax credit for Ford (and family) hybrids from the IRS.
That said, there are tax scenarios (mainly AMT) that can reduce the credit amount for you, specifically.
I didn't get hit by the AMT or anything else in 2008 so I got all $3000 for my FWD 08 FEH (plus $600 from my state).
Ford did surpass the 60,000 qualified hybrid sales limit in late 2008 and therefore will see a 50% credit reduction in the first half of this year. Others can chime in on the specific date (March 31, maybe, I'm not sure?).
At this point when you took possession does not matter with respect to the credit amounts. It matters what year model you purchased.
Any any case, if you took possession of your FEH (2008 or 2009 model) between 1/1/08 and 12/31/08, you can get up to the full amount on your 2008 taxes as there has been no across the board reduction of the tax credit for Ford (and family) hybrids from the IRS.
That said, there are tax scenarios (mainly AMT) that can reduce the credit amount for you, specifically.
I didn't get hit by the AMT or anything else in 2008 so I got all $3000 for my FWD 08 FEH (plus $600 from my state).
Ford did surpass the 60,000 qualified hybrid sales limit in late 2008 and therefore will see a 50% credit reduction in the first half of this year. Others can chime in on the specific date (March 31, maybe, I'm not sure?).
Last edited by MyPart; 02-19-2009 at 08:50 PM. Reason: CORRECTION regarding 2009 credit amount per IRS
#5
02-19-2009, 09:26 PM
Re: Where do we find updated tax credit info?
You are correct, the tax credits for Ford Hybrids start to be reduced as of 3/31/2009. This is from Consumer Reports.
Ford Hybrid tax credits
1/1 - 3/31/094/1 - 9/30/0910/1 - 3/31/102010 Fusion Hybrid$3,400$1,700$8502010 Milan Hybrid3,4001,7008502009 Escape Hybrid FWD3,0001,5007502009 Escape Hybrid 4WD1,950975487.502009 Mariner Hybrid FWD3,0001,5007502009 Mariner Hybrid 4WD1,950975487.50
#6
02-19-2009, 10:05 PM
Re: Where do we find updated tax credit info?
1st we assume slick you bought a new FEH not used correct?
It's confunsing. in carnuts link it says this
Aparently now it also depends on the year as well, as it looks like 08/09 FWD both get $3000 but 08 AWD is $2200 & 09 AWD is $1950 
The story I googled and linked talked about how decving the $3400 credit is for the Fusion as it's the same amount as a Prius, but you can't get a Fusion until April or later, after the credit gets cut in half.
Luckily I used turbo tax, it asked the question did you buy a hybrid? make & model & presto it did the work for me
It's confunsing. in carnuts link it says this
The date of purchase determines the amount of the credit available for a vehicle, i.e. whether a vehicle is eligible for the full credit or whether a portion of the credit is phased-out. The placed in service date determines the taxable year in which the credit may be claimed.
For example, if consumer A purchases a Prius on Sept. 30, 2006, and takes possession in February 2007, consumer A can claim the full credit for 2007, the year in which the vehicle is placed in service. On the other hand, if consumer B purchases a Prius on Oct. 1, 2006, and takes possession of the vehicle in February 2007, Consumer B can claim 50% of the credit in 2007, the year in which the vehicle is placed in service.
For example, if consumer A purchases a Prius on Sept. 30, 2006, and takes possession in February 2007, consumer A can claim the full credit for 2007, the year in which the vehicle is placed in service. On the other hand, if consumer B purchases a Prius on Oct. 1, 2006, and takes possession of the vehicle in February 2007, Consumer B can claim 50% of the credit in 2007, the year in which the vehicle is placed in service.
The story I googled and linked talked about how decving the $3400 credit is for the Fusion as it's the same amount as a Prius, but you can't get a Fusion until April or later, after the credit gets cut in half.
Luckily I used turbo tax, it asked the question did you buy a hybrid? make & model & presto it did the work for me
#7
02-20-2009, 06:21 AM
Re: Where do we find updated tax credit info?
Yes I bought a new 09' AWD and received it in November 08'....if I'm getting all this right I'm allowed up to $1950 but if I had bought an 08' on the same day I would have gotten $2200???? What am I missing? My tax guy will do all this but I wanted to have it laid out for them so they didn't have to do the digging and come up with the wrong amount, now I'm just confusing myself
I can't find it now it's bookmarked on another computer but last night I found an IRS page similar to the link Carnut posted that showed a chart and my 09' awd showed 1950 but everyone here is saying no phasing out until first quarter of 09'...I got it before that, but I can't find anywhere that shows 2200 for an 09' ...so confusing....
I can't find it now it's bookmarked on another computer but last night I found an IRS page similar to the link Carnut posted that showed a chart and my 09' awd showed 1950 but everyone here is saying no phasing out until first quarter of 09'...I got it before that, but I can't find anywhere that shows 2200 for an 09' ...so confusing....
Last edited by Slick; 02-20-2009 at 06:25 AM.
#8
02-20-2009, 08:22 AM
Re: Where do we find updated tax credit info?
Jason, the IRS sets a credit values for each hybrid model/year based on their magic formula. If you look at the two links I included in the #4 post, it has the breakdown for every model/year for the FEH/MMH.
You do not need to worry about the credit phase out.
You do not need to worry about the credit phase out.
#9
02-20-2009, 08:48 AM
Re: Where do we find updated tax credit info?
yeah that's the chart I found last night, was hoping for a bit more explanation to give my tax guy but I guess that chart is all that's out there that shows an 09' awd...guess I was confusing the fact that the rebate lowered with the credit phase out...gee out tax system is so easy to understand, it's not a phase out, we're just lowering the rebate slowly...
#10
02-20-2009, 09:32 AM
Re: Where do we find updated tax credit info?
Actually, the IRS just reduced the 4WD FEH credit back to the pre-2008 (2005-2007) level. I can't explain why but only the 2008 model 4WD FEH got a $2200 credit, all other 4WD FEH models qualified for $1950.
I seem to remember reading that the credit is calculated with respect to the average fuel efficiency in the segment but that doesn't explain why the 2008 credit was higher and the 2009 lower since the 2009 should have a better FE rating and I don't think the segment moved that much in terms of FE (and the 2WD retained the same credit as the previous year).
I seem to remember reading that the credit is calculated with respect to the average fuel efficiency in the segment but that doesn't explain why the 2008 credit was higher and the 2009 lower since the 2009 should have a better FE rating and I don't think the segment moved that much in terms of FE (and the 2WD retained the same credit as the previous year).
