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Federal tax credt on '08 GX

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  • scamper
    replied
    Re: Federal tax credt on '08 GX

    I just downloaded the full version of TT so I could work the forms. Turns out in my case that I only get half of the $4,000 credit because of the AMT calculations in Form 6251. So although I was not subject to AMT before applying the Honda GX credit on Form 8910, I now AM subject and therefore my credit is limited.

    This is so ridiculous - you gotta be paying at least $4,000 in fed taxes to get the credit, but you can't be making too much money or you don't get the credit.

    That kills the CNG initiative in my household... dang it...

    Leave a comment:


  • Thousand Oaks CNGer
    replied
    Re: Federal tax credt on '08 GX

    Originally posted by OKGX View Post
    I agree with John. Use tax software or a CPA to calculate it If you do it by hand don't forget to calculate the section on alternative minimum tax. It can significantly reduce your credit or do away with it. What is the status of the attempts to repeal or increase the income levels of the AMT?
    I used TT to start my taxes, and noticed that although I didn't trigger AMT...I still got a partial credit, not the full $4000.

    I had heard either thru the car dealer, or the internet, I would get the full rebate, as long as I had zero AMT. That is obviously wrong.

    Good luck with filing.

    Leave a comment:


  • OKGX
    replied
    Re: Federal tax credt on '08 GX

    I agree with John. Use tax software or a CPA to calculate it If you do it by hand don't forget to calculate the section on alternative minimum tax. It can significantly reduce your credit or do away with it. What is the status of the attempts to repeal or increase the income levels of the AMT?

    Leave a comment:


  • CNGfamily
    replied
    Re: Federal tax credt on '08 GX

    Originally posted by topaz420 View Post
    Boy, those forms are really not user friendly.

    I can't tell if business use of the car reduces, increases, or maintains the credit?

    Also, even the instructions are contradictory:

    RE: LINE 4

    "If the vehicle is a Honda purchased after June 30, 2008,
    and before January 1, 2009, enter 25%."

    Okay, that sounds like me, so 25% right?

    But wait:

    "If the vehicle is either a qualified alternative fuel vehicle
    (for example, a Honda Civic GX) or a qualified fuel cell
    vehicle (for example, a Honda FCX), enter 100%."

    Hrmm, that's me too.

    Sigh.
    I agree that the forms appear to contradict... I think the phase out is just for hybrids and the Honda reference means you'd get the 25% of the $2100 (since Civic Hybrids didn't sell enough to make the credit go away early like the Prius') My father in law bought a Hybrid Civic the first half of the year and should get 50% of the 2100.

    Leave a comment:


  • John Mitton
    replied
    Turbotax

    I found Turbotax took care of Form 8910 by simply checking the box for the Civic GX in its interview wizard when asked about alternative fuel vehicles. It also did Form 8911 with no problem for my $1,000 home refueling credit too.

    Leave a comment:


  • topaz420
    replied
    Re: Federal tax credt on '08 GX

    Boy, those forms are really not user friendly.

    I can't tell if business use of the car reduces, increases, or maintains the credit?

    Also, even the instructions are contradictory:

    RE: LINE 4

    "If the vehicle is a Honda purchased after June 30, 2008,
    and before January 1, 2009, enter 25%."

    Okay, that sounds like me, so 25% right?

    But wait:

    "If the vehicle is either a qualified alternative fuel vehicle
    (for example, a Honda Civic GX) or a qualified fuel cell
    vehicle (for example, a Honda FCX), enter 100%."

    Hrmm, that's me too.

    Sigh.

    Leave a comment:


  • CNGLO
    replied
    Re: Federal tax credt on '08 GX

    Originally posted by freakshow1111 View Post
    Okay, maybe I am missing something here, but how do I actually claim the federal tax credit for my '08 Civic GX? I got the car in May...is there anything I need to do before the end of the year or do I just go about claiming it on my '08 taxes? What are the specfic forms for this? Can anyone give a "tax dummy" a run down of exactly what I need to do? Thanks!
    Fill out Form 8910 when you file your '08 taxes next year. Here is the link to the form and more explanation:

    http://www.eere.energy.gov/afdc/prog...php/afdc/348/0

    Leave a comment:


  • freakshow1111
    started a topic Federal tax credt on '08 GX

    Federal tax credt on '08 GX

    Okay, maybe I am missing something here, but how do I actually claim the federal tax credit for my '08 Civic GX? I got the car in May...is there anything I need to do before the end of the year or do I just go about claiming it on my '08 taxes? What are the specfic forms for this? Can anyone give a "tax dummy" a run down of exactly what I need to do? Thanks!
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