Everyone needs to write their Senators and Representatives after reading this article in the San Francisco Chronicle. Click here. Bottom line: Most of us are NOT getting the tax credit.

Here is a link where you can email Congress: Click here.

 

Here's another thread on it:
https://www.greenhybrid.com/discuss/...ad.php?t=12060

 

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But...I truly feel for those who expected the $2600, and may not get it...very typical of our outdated tax code, and our(?)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!

 

For me, it was not a bait and switch, I knew going in that I might be hit with the AMT.

Next year I am almost certain I will be hit with the AMT.

 

Guuaaaud - is that bass ackwards, or what? Yuppers, those millionaires need the tax credits way more than I do. Let me kiss your feet, while I'm at it.

But I'm not bitter. We just might be one of the lucky ones this year, who gets $10 back.

 

AG4ever, you KNEW the hybrid credit was tied to the AMT? I ask because in all the reading I did on hybrids, I have never seen this connection made until 2 days ago. I realize anyone ever hit with the AMT does not soon for get it. But it is one thing to know you are going to get bit by the AMT and another to know that your regular tax obligation has to surpass the AMT by $2600 to receive the full credit.

I agree with another point made on this thread. I would the Camry on its merits, regardless of the tax credit. The tax credit made a good decision, a no brainer however.

 

It is simply a matter of credits and deductions. All deductions can put you into the AMT if you have enough of them. Credits get you there faster since your tax liabilty goes down faster with a credit than a deduction. I knew going in that our household income puts us in a perilious position to hit the AMT sooner, and the hybrid credit could do it. From when I did my taxes roughly, I am about $1000 away from the AMT using the standard deduction. That is my gripe, that the two taxes are so darn close that if I had more itemizations (like mortgage interest), I would be in the AMT with little or no help from the hybrid credit.

Everyones gripe should not be with the hybrid credit, but the AMT.

ALL CREDITS WILL CAUSE THE SAME AMT ISSUES, the hybrid credit is not special. Unfortunatly. most people don't research taxes enough to know, they just plunk the money down for turbo tax, and let it do its thing. I prefer to do it manually so I have some control over how the return is filed. There are thousands of correct ways to file your return and do the math, turbo tax just picks the safest. I pick one of the ways that is still legal and benifits me more, much like a good accountant would do.

(I also read a post on one of the forums somewhere that mentioned it, or it might have been an article, while researching the credit in October.)

 

Agreed. The AMT is a real pain. Luckily I don't hit it as I am single and only been working full-time for a year and half so I do not make that much.

However, I use TurboTax as I just simply do not have the time to read all the tax law and knowing my dumb luck I would screw it up and get charged lovely fees from the IRS.

Like ag4ever, I also knew that the credit was tied to the AMT. The tax credit was not a deal maker for me and my purchase. The awesome reliability and performance of Toyota was.

Mike

 

I have never hit AMT or knew anything about it before this article. I am hoping with my household income no child deduction I will be fine.

 

I haven't hit the AMT yet, so I am relieved to know that I will get the full tax credit (confirmed with Turbo Tax). I would not have paid list price in August, if not for the credit. I would have TRIED to wait a few months. I do love my jasper pearl TCH.

JoAnn