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No Prius Tax Rebate for me - Thanks Alternative Minimum Tax - Page 3

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Posted by BackInTheUSSA on April 16, 2008, 2:48 pm
On Tue, 15 Apr 2008 16:45:16 -0400, mikePOST@TOGROUPmacconsult.com
(Mike Rosenberg) wrote:

A tax credit for buying a Prius is off-topic for this newsgroup?

Share your "logic" for that one...

Posted by Michelle Steiner on April 16, 2008, 3:01 pm
 BackInTheUSSA@yeah.man wrote:

The logic is that you're too stupid to understand the difference between
a tax credit for buying a Prius and the "stimulus" check.

Support the troops:  Bring them home ASAP.

Posted by Mike Rosenberg on April 16, 2008, 8:05 pm

Discussion of the tax credit for buying a hybrid or alternative fuel
vehicle is certainly on topic, and you'll notice that I didn't say
otherwise in response to that.  Discussion of the "stimulus" payment is
another story.

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Posted by Elmo P. Shagnasty on April 15, 2008, 10:23 pm
  BackInTheUSSA@yeah.man wrote:

No, it's not.

Someone said that awhile back, and for some reason stupid people just
blindly believe it ("hey, I heard it on the internet, it must be true")
and then pass it along.

This is not an advance.  Period.  You will not owe this back in any way,
shape, or form.

Posted by BackInTheUSSA on April 16, 2008, 3:54 pm
 On Tue, 15 Apr 2008 18:23:46 -0400, "Elmo P. Shagnasty"

Stupid people just blindly ignore reality.  Practice reading
comprehension.  No one said you will owe it back...it will simply
diminish your future tax refund.  That is what was said.  Try to keep

"Delivery of rebate checks. Most taxpayers will receive the credit in
the form of a check issued by IRS. This advanced rebate amount of the
credit is computed in the same way as the credit, except that it is
done on the basis of tax returns filed for 2007 (instead of 2008). (
Code Sec. 6428(g) ) IRS will attempt to issue all payments as rapidly
as possible to taxpayers who timely filed their 2007 tax returns.
(Taxpayers who file late or under extensions will receive their
payments later.) To the extent practicable, IRS will utilize
individuals' current direct deposit information to expedite delivery
of these amounts rather than the mailing of rebate checks.

Taxpayers reconcile the amount of the credit with the advance rebate
payment they receive by completing a worksheet calculating the amount
of the credit based on their 2008 tax return. They then subtract from
the credit the amount of the rebate payment they received. For many
taxpayers, these two amounts will be the same. If, however, the result
is a positive number (because, for example, the taxpayer paid no tax
in 2007 but is paying tax in 2008), the taxpayer can claim that amount
as a credit against 2008 tax liability. (Code Sec. 6428(f)) No
interest is allowed on any overpayment. (Code Sec. 6428(g)(4)) "

Source:  Federal Taxes Weekly Alert (preview) 02/14/2008, Volume 54,
No. 07

WAVE at Rosie's brother...

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