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Posted by Kalyan on March 30, 2008, 3:18 pm
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I purchased a Prius in May 2007. Looks like I am qualified for $787.50
credit from that tax year. Looking at the 1040 form I can't tell which
line I should use to claim this credit (lines 47 thru 55). Can some
body please help?
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Posted by Phil Marti on March 30, 2008, 5:07 pm
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"Kalyan" wrote:
>I purchased a Prius in May 2007. Looks like I am qualified for $787.50
> credit from that tax year. Looking at the 1040 form I can't tell which
> line I should use to claim this credit (lines 47 thru 55).
Form 8910, which feeds line 55 of the 1040.
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Phil Marti
Clarksburg, MD
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Mark Bole on March 30, 2008, 9:26 pm
Please log in for more thread options Kalyan wrote:
> I purchased a Prius in May 2007. Looks like I am qualified for $787.50
> credit from that tax year. Looking at the 1040 form I can't tell which
> line I should use to claim this credit (lines 47 thru 55). Can some
> body please help?
>
Are you sure? Without looking it up, I'm pretty sure the credit for
Toyota Prius ran out many quarters ago (available credit depends on
total manufacturers' output for a certain number of calendar quarters...)
-Mark Bole
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by John Levine on March 30, 2008, 10:09 pm
Please log in for more thread options >> I purchased a Prius in May 2007. Looks like I am qualified for $787.50
>> credit from that tax year. Looking at the 1040 form I can't tell which
>> line I should use to claim this credit (lines 47 thru 55). Can some
>> body please help?
>
>Are you sure? Without looking it up, I'm pretty sure ...
My research associate, Mr. Google, took about 20 seconds to look up
this informative page on the IRS web site:
http://www.irs.gov/newsroom/article/0,,id=157557,00.html
It confirms that the credit for a Prius purchased in May is $787.50.
It also tells us that you fill out form 8910, on which you compute the
amount to put on line 55 of form 1040. If you use the car partly or
entirely for business, you have to split the credit, using form 3800.
R's,
John
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Mark Bole on March 31, 2008, 2:55 pm
Please log in for more thread options John Levine wrote:
>>> I purchased a Prius in May 2007. Looks like I am qualified for $787.50
>>> credit from that tax year. Looking at the 1040 form I can't tell which
>>> line I should use to claim this credit (lines 47 thru 55). Can some
>>> body please help?
>> Are you sure? Without looking it up, I'm pretty sure ...
>
> My research associate, Mr. Google, took about 20 seconds to look up
> this informative page on the IRS web site:
> It confirms that the credit for a Prius purchased in May is $787.50.
Thanx for the link. Yes, it appears 25% of the credit is still
available to this purchaser. Four months later and it would have been
gone. I knew it phased out somewhere in 2007! Most recently I saw a
Ford Escape purchaser who easily still qualifies for the full credit.
Where can I hire this Mr. Google, and will he sign a non-disclosure
agreement?
-Mark Bole
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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