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Prices Paid: Buying & Leasing Experiences 2004-2009 Toyota Prius Prices Paid and Buying Experience
1971 messages, Last post on Sep 10, 2009 at 9:17 AM
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Does anyone have an estimate of when the tax credit is going to end? I'm saving up money, but i know that 3,000 is going to help a lot. anyways, i'm a college student and do not make a lot of money, do i still get 3,000 from the gov't, or do i only get a prorated amount.
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Replying to: giraldo (Apr 05, 2006 5:55 pm)
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Replying to: JBaumgart (Apr 05, 2006 7:57 pm)
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It's good to hear that Prius are going for less than MSRP in certain parts of the country - seems like this has just started happening in the past few months. I'm in SoCal, and unfortunately I haven't heard any stories of below-MSRP pricing here. Not sure why Prius demand is still so good here, must be the $3/gallon regular gas. Btw, for those of you new to Prius shopping, don't pay more than MSRP! You're a fool if you do. |
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Just bought 2006 pack 3 Prius in New Hampshire...I was given Full Kelly Blue Book (excellent condition) for my trade...Car itself was at MSRP with $95 doc fee..and I received a Lojack retrival and alarm for $450.....please comment !!!! 
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Replying to: jrct9454 (Apr 07, 2006 4:48 am)
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Replying to: arisso (Apr 22, 2006 9:01 pm) In the end, after ALL of your other deductions and credits, your tax liability must be over $3k for you to enjoy the full benefit of the hybrid car credit. It is the last credit you can apply, and it cannot reduce your taxes below zero - unlike the earned income credit, for example, or other credits that result in you getting money from the IRS even after you owe them nothing. To take a personal example, I estimate our 2006 taxes to be about $4500 after all deductions and other credits; thus, in our case, the credit reduces our tax to about $1500. But if our tax had only been, say, $2500, we would have a tax of zero, but it also means we would have "forfeited" part of the credit. First calculate your taxes under the current rules, with all deductions and credits - then you get to take the hybrid credit, down to but not below, a zero tax liability. And for the record, home mortgage interest is a deduction, not a credit. Deductions reduce your taxable income; credits reduce your tax liability after all your deductions are taken, and your "base tax" is calculated. This is an example of why this is not an easy discussion in this forum. |
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Replying to: jrct9454 (Apr 23, 2006 4:58 am) credit or just a $3150 credit?
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Replying to: cruising7388 (Apr 23, 2006 5:33 pm) Form 8910 at the IRS website....noteably without instructions at this point, as they are still working on the details.
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Replying to: jrct9454 (Apr 23, 2006 4:58 am) "To take a personal example, I estimate our 2006 taxes to be about $4500 after all deductions and other credits; thus, in our case, the credit reduces our tax to about $1500. But if our tax had only been, say, $2500, we would have a tax of zero, but it also means we would have "forfeited" part of the credit." So your tax liability is $4500, the tax credit lowers that liability to $1500 ... and at that point, you factor in what you have paid in taxes over the year, right? If your tax liability without the Prius tax credit was $4500, and you had $4000 withheld during the year for federal taxes, then without the Prius tax credit you would have to pay Uncle Sam $500 ($4500-$4000=$500). But with the tax credit, the calculation is $4500-$3000=$1500 ; $4000-$1500= a tax refund of $2500. Is that right? It's not a matter of the bottom line - what you owe or what you get back - it's that your total tax liability, before you factor in what you have already paid in taxes, must be equal to or greater than the Prius tax credit to get the full amount of that tax credit ... right?
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