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> IRS Tax Deduction
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post Feb 13 2002, 12:08 AM
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Can anyone shed light as to where the $2,000 tax deduction should be taken? I'm using TurboTax and cannot find anywhere that this deduction would be entered into the program.
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post Feb 13 2002, 01:43 PM
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Hi,<br><br>I added the deduction to the last line of<br>my schedule A, which is an "Other/Misc<br>deductions" type of line (I can't remember<br>exactly what it's called.) TurboTax will<br>let you make a notation, and I just put in<br>"Clean-Fuel".<br><br>There is also an IRS publication regarding<br>the Qualified Electric Vehicle Credit and<br>the Clean Fuel deduction. I don't have the<br>publication number offhand, but you can search<br>the IRS web site for it.<br><br>Cheers!
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post Feb 13 2002, 01:45 PM
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stevewaters3 2/13/02 1:08 am:<br><br>&gt; Can anyone shed light as to where the $2,000 tax deduction should be taken? I'm using TurboTax and cannot find anywhere that this deduction would be entered into the program. &lt;<br><br><a href=http://groups.yahoo.com/group/toyota-prius/message/27302 target=new>http://groups.yahoo.com/group/toyota-prius/message/27302</a><br><br>A\ ccording to my husband, you have to do a manual edit to the 1040.<br><br>BTW: info is IRS Pub. 535.
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post Feb 13 2002, 01:54 PM
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<a href=http://groups.yahoo.com/group/toyota-prius/message/27957 target=new>http://groups.yahoo.com/group/toyota-prius/message/27957</a><br><br>"\ using line 'i' of their 'Other Adjustments to income smart worksheet'."
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post Feb 13 2002, 04:57 PM
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Here:<br><a href=http://www.irs.gov/formspubs/display/0,,i1%3D50%26genericId%3D12063,00.html target=new>http://www.irs.gov/formspubs/display/0,,i1%3D50%26genericId%3D12063,0\ 0.html</a><br>I found this:<br>Deduction for nonbusiness clean-fuel vehicle property by individuals. Individuals can claim<br> the deduction for clean-fuel vehicle property used for nonbusiness purposes by including the<br> deduction in the total on line 32 of Form 1040. Also, enter the amount of your deduction and<br> "Clean-Fuel" on the dotted line next to line 32. If you use the vehicle partly for business, see the next two discussions. <br><br>That is what I did.. not Turbo-Tax let me override<br>the entry, but because of the entry would not let me e-file... had to print the forms and mail in... for me it was worth $500 to mail in... for $500 I can wait a few more weeks ;)<br><br>Hope this helps...<br><br>Later <br><br>Perry<br>(Austin, tx)
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post Feb 13 2002, 10:48 PM
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In the URL referenced; <a href=http://www.irs.gov/formspubs/display/0,,i1%3D50%26genericId%3D12063,00.html target=new>http://www.irs.gov/formspubs/display/0,,i1%3D50%26genericId%3D12063,0\ 0.html</a> the following statement is found: "For vehicles that may be propelled by both a clean-burning fuel and any other fuel, your deduction is generally the additional cost of permitting the use of the clean-burning fuel." <br><br>I'm sure the additional cost of permitting the use of electric in the Prius far exceeds the $2000 limit. Can't you deduct the entire $2000?<br><br>Ken<br>LOW EMSN (CA)
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