$1800 Diesel Tax Credit (TurboTax problem)

[Armand]

Some members on bimmerfest have already tried the 2009 software and reported that 2010 x5 3d did not qualify. Long story short, Turbo Tax is dealing with this and should have a fix in a few days.

I called TurboTax today and talked to a pretty knowledgeable support guy. The issue right now is that the IRS form 8910 for 2010 has not been released (I double checked it.) This form is scheduled to be available on 1/27 and at that point the issue will be resolved. I still asked the support person to put in a service request for BMW x5 35d. I should get a notification when the update is available and will update the forum at that point in time.

2009 Federal Forms for Personal Tax Returns - TurboTax® Support

p.s. This is only an issue for the 2010 MY. 2009 MY already shows as qualified in the current version of Turbo Tax

[bigx5er]

Thanks for posting this. Lucky for me I will not be doing my taxes until March since I expect to owe this year.

I had wondered if TurboTax would handle the credit, now I know.

[Craig]

Thanks for posting the information!

Craig

[jaesun]

Good to know! Thanks!

[z2g]

Hence, it's probably best to use a CPA to file your taxes if you plan on utilizing the diesel tax credit or section 179 business deduction.

Funny....ppl can spend over $50k on a car but would rather do their taxes themself in order to save a few hundred dollars!

[Penguin]

Originally Posted by z2g

Funny....ppl can spend over $50k on a car but would rather do their taxes themself in order to save a few hundred dollars!

For many it is not a matter of cost.

I do my own taxes as (a) I want to know what was done, since I am signing the return and have the legal responsibility, and (b) I can do a better job than most CPA's would do, since I know the records and I have the motivation... sorta like why I do my own auto repairs when possible, rather than depending upon a dealer or mechanic. Frankly I could never fathom why anyone would hire a CPA to do their taxes and put their financial fate with the IRS into the hands of a complete stranger.

[Craig]

My CPA uses some computer program to enter the numbers also. What do you think CPA's use? They don't do it by hand...

Craig

[z2g]

Originally Posted by Penguin

For many it is not a matter of cost.

I do my own taxes as (a) I want to know what was done, since I am signing the return and have the legal responsibility, and (b) I can do a better job than most CPA's would do, since I know the records and I have the motivation... sorta like why I do my own auto repairs when possible, rather than depending upon a dealer or mechanic. Frankly I could never fathom why anyone would hire a CPA to do their taxes and put their financial fate with the IRS into the hands of a complete stranger.

If you're well-versed in tax laws and regulations, then of course it's better to do it yourself. But, for most ppl out there, they do it themselves because they don't want to pay a CPA.

[Penguin]

Originally Posted by z2g

for most ppl out there, they do it themselves because they don't want to pay a CPA.

You might be right about that, as I don't have any data and wouldn't want to idly speculate on the distribution of peoples' motivations.

[z2g]

Originally Posted by Craig

My CPA uses some computer program to enter the numbers also. What do you think CPA's use? They don't do it by hand...

Craig

Yes, but a CPA understands the tax laws. Most ppl who use tax preparation software do NOT know the tax laws and depend on the software to guide them step-by-step. These same ppl also go on internet forums to ask tax questions while they are trying to figure out their taxes.

So, there's a huge difference there. One (the CPA) uses specific software to make it easier to prepare the tax documents, but has knowledge of tax laws and requirements. The other (average Joe with no tax knowledge) uses tax preparation software with no background or understanding of the tax laws and depends on the software for all the information. And, many times, the software may not get into specific details on certain deductions.