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June 4, 2019
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I currently have a large carry forward that I would like applied to the principal on the loan. Is there a way that I can claim the full home energy credit for this year?

  • June 4, 2019
  • 1 reply
  • 13 views
I am likely at the maximum for refunds from taxable liability to be reduced, but it is my understanding that the tax credit for solar panels is independent of taxable liability.
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Sorry, but this is not a refundable credit, which means you don't receive any of it in cash over and above the amount used to reduce your tax liability to zero.  That's the very reason why you have a carryover.  Refundable credits are paid in full in the year taken, so there is no balance to carry over.

https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/home/can-you-write-off-solar-panels-31...

1 reply

Answer
June 4, 2019

Sorry, but this is not a refundable credit, which means you don't receive any of it in cash over and above the amount used to reduce your tax liability to zero.  That's the very reason why you have a carryover.  Refundable credits are paid in full in the year taken, so there is no balance to carry over.

https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/home/can-you-write-off-solar-panels-31...