No Government Subsidy For This Volt Owner

[Slapshot28]

My wife (a tax lawyer) just told me that we were not able to use our $7,500 tax credit, largely due to making some meaningful charitable contributions in 2011.

Deep down, I actually hoped that this might end up being the case, just so I could know (and say) that not all of us Volt owners are "stealing" money from government coffers.

Perhaps now I'm going to be flamed for not paying my fair share of taxes. No good deed goes unpunished...

[Mike-o-Matic]

That's a bummer. Ultimately you're doing more good than harm by buying a Volt. You should not have been even the slightest bit less-than-proud to get the credit! It is definitely not "stealing" to do so. As a net taxpayer you're already doing more than 50% of adult Americans. And you've gone further by being charitable, too.

Of the money government confiscates from working folks, it only uses about 1/3* of that money for stuff it's legally chartered to do, anyway.

* = Yeah, I am pulling that number out of my butt, but 1/3 is about where I'd peg it. And we'd need a fair chunk less for "defense" if we didn't have to protect foreign oil supplies militarily. Now ... if only there were some sort of modern automobile that could help us do that... hmm.... :-D

[Cord]

Are you REALLY telling us you can not come up with a way to have more taxable income ?

Sell some Apple stock , charge the kids rent :-)

[tboult]

Well its great to hear you made such significant charitable contributions..

When people try to bash me about the tax credit, I just tell them I went out and did some extra work to earn an extra 60K to buy the car (and cover the taxes and such), and at my tax bracket it means me buying the volt, after the tax break, gave the government an extra 12-15K. I did not need to do that work, but wanted to pay cash for the car rather than dip into savings or take a loan. I explain the credit is to get people to co-invest in EV R&D (as the car is expensive). But After I explain I earned more and then paid more taxes, the most common question is how they can find extra part-time work that can allow them to make that kind of money... so they forget all about the tax credit quickly.

Maybe someday, I'll be be comfortable enough that I may make charitable contributions at your level.. but the world is a better place with people like you in it. Thanks.

[Hoonose]

My wife (a tax lawyer) just told me that we were not able to use our $7,500 tax credit, largely due to making some meaningful charitable contributions in 2011.

Deep down, I actually hoped that this might end up being the case, just so I could know (and say) that not all of us Volt owners are "stealing" money from government coffers.

Perhaps now I'm going to be flamed for not paying my fair share of taxes. No good deed goes unpunished...

The Tax Credit as it stands today is not a subsidy, and no one sends them a subsidy check. Volt owners are not stealing from anyone, they simply keep more of their own money by paying that much less Federal Income Tax.

[MichaelH]

Hey Slapshot, this is OT, but I just saw on the news today that Johnstown is getting a new hockey team. You may have to change your avatar.

http://www.cbsnews.com/8301-505245_1...w-hockey-team/

[DonC]

My wife (a tax lawyer) just told me that we were not able to use our $7,500 tax credit, largely due to making some meaningful charitable contributions in 2011.

Deep down, I actually hoped that this might end up being the case, just so I could know (and say) that not all of us Volt owners are "stealing" money from government coffers.

Perhaps now I'm going to be flamed for not paying my fair share of taxes. No good deed goes unpunished...

Actually you've just traded one tax break for another. You're still evil! LOL

[wadevolt]

My Volt tax credit Issue is described below. Anybody have any advice on what else I can do to get the full tax credit?

1. Purchased 2012 Volt on 9/7/2011 after carefully reviewing IRS's requirements for the tax credit.
2. I paid $36,536 in federal taxes in 2011, and, after the $7500 tax credit, my taxes owed were $25,579.
3. Thus, I expected a refund of $36,536 - $25, 579 = $10,957, but I only received $8,867.65 (a difference of $2,089.35).
4. I called IRS and was told that my Volt tax credit was reduced from $7500 to $5410.65. Of course, I asked why.
5. The two agents I spoke with could not explain why I did not get the full $7500. Both seemed to agree that I should have.
6. The agents suggested that I write IRS, explain the circumstances, and ask for the full credit or an explanation of it was denied.
7. I plan to do that tomorrow (May 8), and, if that fails, I plan to ask my Congressman to intercede in my behalf.

Anybody out there had any experience like this? Anyone have any advice about what I should do in addition to what I have done?

Thanks!

[Mathew Hennessy]

I got the whole $7500 back, used TurboTimmyTax for the win. I still got socked for double that though, as I have no state income or property tax, mortgage interest or dependents to write off. Now, _those_ are some pretty sweet subsidies, and hopefully next year I'll have a few of 'em..