View Poll Results: How much of the Federal Tax Credit will you receive?
All of it!
74
48.37%
> 80%
7
4.58%
60-80%
7
4.58%
40-60%
13
8.50%
20-40%
12
7.84%
<20%
5
3.27%
Nothing! Nada! Zilch!
35
22.88%
Voters: 153. You may not vote on this poll
Tax Credit Eligibility
Re: Tax Credit Eligibility
Enthusiast
Joined: May 2006
Posts: 1
Re: Tax Credit Eligibility
Standard deductions for the wife and 2 kids shot down $2k of the expected $2.6k refund. Very surprised and disappointed that the hybrid credit only applies if you don't have any other credits. My dealer didn't promise anything when I bought, but I had read the IRS press releases and certainly believed they were trying to give an incentive to reduced fuel consumption. I've been bait-and-switched, but considering the perpetrators, it should have been expected!!
Enthusiast
Joined: Jul 2006
Posts: 5
Re: Tax Credit Eligibility
we only recieved about 2553 of the 3150 credit from the Infernal Revenue Stealers.
Apparently even though we couldn't take child credit, because income is barely over the limit, Had lower than usual deuctions. we still got hit on the AMT worksheet.
Apparently if you have too many credits and deductions (we don't fudge ours) you can only write off the hybrid credit up to the amount that takes you right to the amt limit. If we had written of the 3150 then they would have hit us up for an additional 597 in tax on the amt.
We are far from being wealthy,Once again congress snares more non rich in the amt.
Apparently even though we couldn't take child credit, because income is barely over the limit, Had lower than usual deuctions. we still got hit on the AMT worksheet.
Apparently if you have too many credits and deductions (we don't fudge ours) you can only write off the hybrid credit up to the amount that takes you right to the amt limit. If we had written of the 3150 then they would have hit us up for an additional 597 in tax on the amt.
We are far from being wealthy,Once again congress snares more non rich in the amt.
Ridiculously Active Enthusiast
Joined: May 2006
Posts: 713
Re: We got the whole enchilada
We haven't done the state taxes yet to know if we are going to get any of the $2650 state deduction, but we are entitled to the entire $2100 federal credit for our HCHII. My wife and I are DINKs with only our mortgage to deduct so we are pretty far away from needing to pay the AMT. My sympothies to anyone who does not qualify...
Ridiculously Active Enthusiast
Joined: Nov 2006
Posts: 773
From: Colorado Springs
Re: We got the whole enchilada
Yup, we got every dime. Yet another reason to love Colorado. We might need to buy another hybrid next year!
Pretty Darn Active Enthusiast
Joined: Jan 2006
Posts: 480
From: Ppls Rep. of Boulder
Re: We got the whole enchilada
