I installed solar panels in 2019 and received a Credit carry forward of $18,235. 2021 is the first year I've actually had to pay taxes. Hopefully I'm doing something wrong because on line 12 of form 5695 it shows $1,858. Am I mistaken that I can't apply as much as needed to cover income taxes this year? Thanks.
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Line 12 of form 5695 would be your unused credit carryforward from the previous year. I suggest you go back to your 2019 tax return and review the form 5695 for that year and 2020 to see how the credit was applied.
Thanks for your advice. It didn't change in 2019 and 2020 because I didn't make enough income to have to pay taxes. I'm semi-retired but made enough money in 2021 to have a tax liability. Thanks again.
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