Tax credit
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Joined: Feb 2009
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Tax credit
In the new tax law passed with the stimulus package it seems that you can claim some of the hybrid car tax credit that you were unable to claim because of the alternative minimum tax or tentative alternative minimum tax. Is this true? Does it apply to cars bought in 2006 or just 2007 and 08. Where do you claim the credit at? Any help would be appreciated.
Active Enthusiast
Joined: May 2004
Posts: 76
From: Garland, TX
Re: Tax credit
I'm not an accountant, but just went through this on my taxes.
In 2008, the Alt. Fuel (hybrid) tax credit does reduce your calculated AMT. The credit is still calculated the same way as 2007 using form 8910, where you have to subtract out all the other higher priority tax credits and the tentative alternative minimum tax to determine the maximum alt. fuel credit.
It only applies to cars purchased in 2008.
Turbo Tax appears to have made the calculation correctly, but we had to check it out because the $2,200 credit we were expecting from out Tahoe was reduced to $750 because of the high tentative AMT value.
In 2008, the Alt. Fuel (hybrid) tax credit does reduce your calculated AMT. The credit is still calculated the same way as 2007 using form 8910, where you have to subtract out all the other higher priority tax credits and the tentative alternative minimum tax to determine the maximum alt. fuel credit.
It only applies to cars purchased in 2008.
Turbo Tax appears to have made the calculation correctly, but we had to check it out because the $2,200 credit we were expecting from out Tahoe was reduced to $750 because of the high tentative AMT value.
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