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$4,000.00 FED tax credit is a fraud!

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  • $4,000.00 FED tax credit is a fraud!

    Upon reviewing my 2008 FED tax return I noticed that I DID NOT get the full $4,000.00 tax credit (Form 8910) as I was lead to believe (by members of this web site) for buying my new '08 Honda GX.

    Instead, it has been explained to me that the $4,000.00 goes toward your net tax due (after deductions) and will bring your net tax due to about $0.00 and that the un used portion of the $4,000.00 tax credit is lost.

    What a jip!

    I used Turbo Tax (for more than 10 years) and the program is usually quite accurate. I am going to re do my return and if I come up with the same result I will be seeking an accountant's advice. But this partial use of the $4,000.00 tax credit is very misleading.

    Please comment it you are having a similar problem.

  • #2
    Re: $4,000.00 FED tax credit is a fraud!

    i understand your anger, but you might want to temper your thread - ie. 'Fraud' and accusations against forum members. i say that b/c this was not my experience at all. we GAINED $4000 in our rebate check two years ago (best return we've ever had). period. we used a tax accountant and had no special circumstances.

    i don't know what your tax situation is/was ... i do know that if you are hit by AMT, you're screwed out of some or all of these types of credits. i don't know how Turbotax handles it from first-hand.

    before screaming fraud, you might want to check into this further.

    good luck, and please report back once things are figured,
    epi

    Comment


    • #3
      Re: $4,000.00 FED tax credit is a fraud!

      Point well taken. I mean no disrespect to any site members -- my issue is with the fine print of the deduction as written by the IRS.

      I am so pissed, though. I was hoping to pay down my auto loan with this tax credit and now it MAY be of little worth.

      I will be drafting a new 1040 in a few days.

      About your (epnfrn) tax credit experience . . . great! I received a$4,500.00 CA State tax credit when I installed my solar panels on my home six years ago and what credit I could not use I was able to carry over to the following year.

      This was my expectation with the $4,000.00 IRS tax credit, which in my book, is a misrepresentation of the credit at the very least. A fraud, perhaps not. But everyone with whom I have spoken have represented the tax credit to be full and absolute . . . not partial. Which is the case, so far, with my return.

      Thanks for your input. I will fil out a second return and get back to you.

      Comment


      • #4
        Re: $4,000.00 FED tax credit is a fraud!

        solar ..... cng .... fixing the planet one thing at a time!

        good job, and again ... good luck. hopefully others will chime in and everything will work out fine.

        epi

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        • #5
          Re: $4,000.00 FED tax credit is a fraud!

          It's true. "Tax credits" that are 'non-refundble' only help you to the maximum amount if you would have paid that much tax in the first place, and if you don't lose any of it due to AMT.
          02 GX
          01 GX
          03 Crown Vic
          06 GX
          Home Fueler

          Comment


          • #6
            Re: $4,000.00 FED tax credit is a fraud!

            If you have a business the credit becomes much easier to capture vs. an individual's 1040 -- that is of course assuming you can claim some percentage business use of the vehicle.

            Congress loves to pat themselves on the back for these tax credits for worthy causes, knowing all along that actually using them can be problematic for many. Unlike most State alt fuel programs, the lack of carry-forward to future tax year liability is the main problem with federal incentives.

            Comment


            • #7
              Re: $4,000.00 FED tax credit is a fraud!

              Where did you get a non-draft 8910, I'm ready to claim my credit but I'm waiting on the IRS.

              Comment


              • #8
                AMT problem solved in the stimulus package!

                It seems the stimulus package fixed the AMT problem and alt fuel vehicle credits. I started a new there here:
                http://cngchat.com/forum/showthread.php?p=24305

                Let's keep this one open to discuss the 2008 tax year AMT issues folks are facing.

                Comment


                • #9
                  Re: $4,000.00 FED tax credit is a fraud!

                  Just filed my taxes here in North Carolina - an accountant does them for me and we had to wait until their tax software got the correct form, which they got on the 17th - I got the full $4000 credit - I would have owed $1000 without the credit but instead will be receiving $3000 back in a refund - maybe the tax software that some users are using has not been updated yet - Good Luck

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                  • #10
                    Re: $4,000.00 FED tax credit is a fraud!

                    to get accurate and correct tax information got to the IRS website, do you own research and don't believe what you read on a forum or what someone tells you.

                    but there is two ways to loose the credit: (i didn't get a penny btw for my 08 civic... oh well i still do something good for earth !)

                    1. you get a tax refund (you don't owe any taxes at year end)
                    2. you make to much money

                    it's messed up, but it's not a secret, therefore it's not fraud

                    Comment


                    • #11
                      Re: $4,000.00 FED tax credit is a fraud!

                      Getting a refund doesn't necessarily mean you didn't owe/pay any taxes. It just means you paid in more than you owed.

                      Most credits aren't "refundable" -- you can only use them against taxes you owe, and often only in that year (no carryforward/carryback).
                      02 GX
                      01 GX
                      03 Crown Vic
                      06 GX
                      Home Fueler

                      Comment


                      • #12
                        Re: $4,000.00 FED tax credit is a fraud!

                        I got mine, the only problem was my tax guy could not e-file with the credit...so I had send paper and wait a couple extra weeks.

                        Life's Good

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