Hybrid Tax Credit Not Family Friendly
Enthusiast
Joined: Jul 2006
Posts: 30
From: Missouri City, TX
Re: Hybrid Tax Credit Not Family Friendly
This has been discussed quite a bit on the TurboTax forum as well (FYI, Intuit did not provide the necessary update for hybrids until mid-February).
http://forums.turbotax.com/intuit/bo...cending&page=9
My initial set of calculations through TT has me receiving a significant refund, which includes the full $2100 credit. The amount you are eligible to receive appears to be dependent on how you qualify for AMT.
http://forums.turbotax.com/intuit/bo...cending&page=9
My initial set of calculations through TT has me receiving a significant refund, which includes the full $2100 credit. The amount you are eligible to receive appears to be dependent on how you qualify for AMT.
Thread Starter
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Opec Nightmare
Joined: Nov 2006
Posts: 89
From: Northern Illinois
Re: Hybrid Tax Credit Not Family Friendly
Yes, we were steamed also.
I have 3 children, and received $0 of the hybrid tax credit too. Boy was I steamed!
I did sell a small amount of stock this year, but if I didn't have the $3000 credit for my kids I would have received the entire hybrid tax credit. If I hadn't sold any stock, I would have maybe received ~$400 of the credit.
It IS a child unfriendly credit.
I did sell a small amount of stock this year, but if I didn't have the $3000 credit for my kids I would have received the entire hybrid tax credit. If I hadn't sold any stock, I would have maybe received ~$400 of the credit.
It IS a child unfriendly credit.
Pretty Darn Active Enthusiast
Joined: May 2005
Posts: 351
From: Deep in the heart of Florida
Re: Hybrid Tax Credit Not Family Friendly
See if filing separate returns helps. Perhaps you can move all the deductions/credits onto one return and claim the HCH credit on the other.
Energy Independence
Joined: Feb 2006
Posts: 1,282
From: Richardson, TX
Re: Hybrid Tax Credit Not Family Friendly
I just finished reviewing my CPA's fine work, and they should be eFiled tomorrow.
We're getting all $2100 back! We were $3000 away in deductions before the AMT would have snipped away at our deductions. So I'm a happy camper!
We're getting all $2100 back! We were $3000 away in deductions before the AMT would have snipped away at our deductions. So I'm a happy camper!
Active Enthusiast
Joined: Apr 2006
Posts: 73
Re: Hybrid Tax Credit Not Family Friendly
Well did my taxes last night with taxact. With 1 kid I had a 3800 dollar difference between reg tax and amt so I was able to use the entire 2100 credit. I am a happy camper, I thought for sure I was going to lose some part of it.
Jayson
Jayson
Enthusiast
Joined: Jun 2006
Posts: 3
Re: Hybrid Tax Credit Not Family Friendly
Just got my taxes back from my accountant and boy did the AMT nailed us. That was quickiest I ever lost $2100. I will probably still buy a hybrid in the future. But I won't be planning any spending spree. Ouch!
Enthusiast
Joined: Oct 2006
Posts: 24
Re: Hybrid Tax Credit Not Family Friendly
HELP
I normally just file the 540EZ and get about 1000 back, I have no kids and no other dependents. I am wondering if I even have a chance of getting any of the 2100 or if I should just forget about it and continue to file the 540EZ. Can you guys recomend any programs that can do the calculations for me without charging me or at least not until I file, assuming that I will get a greater return by filling the 540. Thanks for your help in advance.
I normally just file the 540EZ and get about 1000 back, I have no kids and no other dependents. I am wondering if I even have a chance of getting any of the 2100 or if I should just forget about it and continue to file the 540EZ. Can you guys recomend any programs that can do the calculations for me without charging me or at least not until I file, assuming that I will get a greater return by filling the 540. Thanks for your help in advance.
