Announcement

Collapse
No announcement yet.

TurboTax 2011 says I get a $4000 tax credit for purchasing a Civic GX in 2011?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • TurboTax 2011 says I get a $4000 tax credit for purchasing a Civic GX in 2011?

    Haven't been following the details on federal tax credits for NGVs. Started doing my 2011 taxes with TurboTax 2011 and it said I get a $4000 for my Civic GX that I bought in January 2011.

    Is that right? The only links I've found are this post on the TurboTax forums and the link in the post itself.

    https://ttlc.intuit.com/post/show_full/bnUxxGuc4r4z8CeJe_aUKj/bought-honda-natural-gas-vehicle-in-2011-and-according-to-turbo-tax-im-getting-a-4000-tax-credit

    http://www.irs.gov/businesses/articl...201018,00.html

    Wasn't expecting a $4k credit on 2011 taxes, but I'll take it if it's legit...


    --tim

  • #2
    Re: TurboTax 2011 says I get a $4000 tax credit for purchasing a Civic GX in 2011?

    Doesn't sound legit, make sure your turbo tax is fully updated, I would be careful doing this, if they find out, you will owe it back with penalties.

    Comment


    • #3
      Re: TurboTax 2011 says I get a $4000 tax credit for purchasing a Civic GX in 2011?

      some searching on the IRS resulted in:
      http://www.irs.gov/businesses/corpor...202341,00.html

      NOTE: Taxpayers are to be advised that provisions of the Alternative Motor Vehicle Credit including the Qualified Hybrid Motor Vehicle Credit, Qualified Alternative Fuel Motor Vehicle Credit (QAFMV), and Advanced Lean Burn Technology Motor Vehicle Credit expire as of December 31, 2010.

      The Alternative Motor Vehicle Credit was enacted by The Energy Policy Act of 2005 and provides various tax credit for certain energy efficient vehicles. The tax credits are available for vehicles acquired before January 1, 2011.

      Comment


      • #4
        Re: TurboTax 2011 says I get a $4000 tax credit for purchasing a Civic GX in 2011?

        I agree that the Federal $4,000 tax credit ended on 12/31/2010. I own a Honda NATGAS Civic plus prepare tax returns in my spare time! The IRS Honda chart that showed the 2011 Civic GX credit of $4,000 would be correct if you had bought the 2011 GX by 12/31/10
        Last edited by DavidP; 02-14-2012, 07:26 PM.
        David
        2012 Cool Mist Nat Gas Civic w/ navi

        Comment


        • #5
          Re: TurboTax 2011 says I get a $4000 tax credit for purchasing a Civic GX in 2011?

          I had the same issue when I started my 2011 taxes using TurboTax Deluxe 2011. I bought a 2011 Honda Civic GX in April 2011 and placed into service the same year. I remember reading that the credit had expired, so I was surprised to see that TurboTax said I qualified. I checked the Instructions for Form 8910 and it seems to state that our situation should not be entitled to the credit under the What's New Section of the instructions.

          I am a CPA and an attorney, so I was pretty sure that I shouldn't be entitled to the credit, but wanted to confirm. So I spoke with a TurboTax support agent and they said that it probably shouldn't qualify and that they would check with the programmers to see if it was an error. I called back and spoke with another agent and they didn't have a programming updated, but advised not to take the credit.

          I then called my step-father, who is a CPA, and had him run my numbers through his professional tax preparation software. To our surprise, his software gave me the credit. I then called the IRS and after forty-five minutes, we were able to determine that 2011 Honda Civic GXs purchased after December 31, 2010 do not qualify.

          Now for the boilerplate:

          IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. Any individuals reviewing this post should consult there own attorney or tax advisor with respect to the matters communicated herein.

          Comment


          • #6
            Re: TurboTax 2011 says I get a $4000 tax credit for purchasing a Civic GX in 2011?

            Originally posted by TonyNapolitano View Post
            I had the same issue when I started my 2011 taxes using TurboTax Deluxe 2011. I bought a 2011 Honda Civic GX in April 2011 and placed into service the same year. I remember reading that the credit had expired, so I was surprised to see that TurboTax said I qualified. I checked the Instructions for Form 8910 and it seems to state that our situation should not be entitled to the credit under the What's New Section of the instructions.

            I am a CPA and an attorney, so I was pretty sure that I shouldn't be entitled to the credit, but wanted to confirm. So I spoke with a TurboTax support agent and they said that it probably shouldn't qualify and that they would check with the programmers to see if it was an error. I called back and spoke with another agent and they didn't have a programming updated, but advised not to take the credit.

            I then called my step-father, who is a CPA, and had him run my numbers through his professional tax preparation software. To our surprise, his software gave me the credit. I then called the IRS and after forty-five minutes, we were able to determine that 2011 Honda Civic GXs purchased after December 31, 2010 do not qualify.

            Now for the boilerplate:

            IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. Any individuals reviewing this post should consult there own attorney or tax advisor with respect to the matters communicated herein.

            Taxpayer Beware, This same ambiguity is there in turbotax for 2012 tax year.

            Comment


            • #7
              Re: TurboTax 2011 says I get a $4000 tax credit for purchasing a Civic GX in 2011?

              I wish Intuit would fix this. If the software would simply ask if you bought a Honda FCX Clarity, that would help. Instead, it has you enter your VIN, choose Honda, and then tells you your're getting a $4000 credit. Luckily, I knew better.

              Comment

              Working...
              X