Please forgive me If this has already been covered. I bought my AWD THH w/ NAV in March(the vehicle rules) . Was I supposed to get any special paperwork for our tax credit next year?

Thanks in advance!

Sincerely,

Jay Adams

 

Nope, not that I'm aware of.

 

No special papers from the dealer. Talk to your accountant about filing the tax forms and how much of the $2,600 credit you can apply.
Toyota reported Hybrid sales of 41,779 for the first quarter. So currently, purchases through Sept. 2006 can qualify.

 

What would keep us from applying for the whole amount?



j.

 

First the party line....
Please don't constitute this as tax advice, as everyones situation is different. Consult your tax professional for your specific situation.

The Alternative Motor Vehicle credit is a non-refundable credit that is applied to your current taxable income liability before other certain taxes and credits.

For example: Let's say on your Form 1040 line 46 the tentative tax is $5,500 lets subtract 600 for child care,400 for Education,2000 for Child credit and 2600 for the AMV credit on line 55. That comes to -100. Line 57 can't be less than zero so $100 in credits can't be taken. So in essence that max credit in this situation is $2,500.

 

Just wanted to add: it's 100% of the credit for purchases through Sept. 30, 2006, 50% for the next three months, 25% for three months after that, 0 after March 31, 2007.