$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.

[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 Penguin

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.

I just based it off of my own insights and observations of ppl around me and ppl on different forums. Sure, some (very few) do it themselves because they know how to do it and there's no point in paying someone else to do it when you can do it. But, from observation, most do it themselves because they'd rather not spend the money on a CPA and go on internet forums for help when their software isn't much help with such specific questions.

[DSE]

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.

I too could afford to hire a CPA to do my taxes, but unlike most members of Congress, I too do my own taxes. I think it is a valuable educational process, and I think it is unfortunate and absurd that we have such a complex tax code that people feel the need to hire a professional someone else to do their taxes. If it wasn't for Turbotax, however, there is no way I today that I would have time to do my own taxes.

If we could just require all members of Congress to do their own taxes (and then audit their returns!), I am certain we'd get a much more simple and fair tax code, but then CPA employment would plummet.

Anyway, thanks for letting us know about the upcoming fix. I usually wait until March or April to do my return as well.

reminds me of the absurdity of I think if Congressmen and more people