A bit confused here::::
My Federal tax bill was $3000 prior to filling out the 5695 form through turbo tax. Install a large Solar energy system and the calculation from the form said I was eligible for a $6,200 credit (6.21 Kw @ $500 / .5 Kw or ((6.21/.5) * 500).
1. project completed in Jan 2021
2. There were ZERO energy credits from previous tax years
3. Primary Residence, Lived with wife in home
4. Resulted in ZERO HOME ENERGY Credit for 2021 tax year but we a $6,210 credit to roll forward in 2022.
So, what the heck is going on?? I checked the 5696 forms and worksheets and this is pure gobligook. It really looks like they are doing their best to carry this forward forever and never actually take the credit.
So my assumption was that with a tax bill of $3000 the Energy credit would take effect and reduce the amount owed for 2021 tax year. I really don't trust that the government will apply the $6,210 tax credit to 2022 tax year if it can't apply it now!!
Question: Anyone having problems with this 5695 energy tax credit. What did I do wrong!!!
