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How to carry over to 2020 home energy credit after maxing out tax liability this year?
I purchased a plug-in electric vehicle in 2019 that qualifies for the $7500 refund. I also purchased solar panels for my house spending $27,399 after receiving a state incentive. After the 30% refund, I should be able to get credit for ~$8,220 from solar alone. My problem is that I should be able to get back $15,720 from both of those, However, my refund is missing ~$4000 because I maxed out the deductions and credits. How do I carry forward that extra money to next year from solar panels to next year? Should I only claim I spent $15,000 this year on solar, and then claim the additional $12,399 on taxes for 2020 as a carryover? It's just unclear how to do that on Turbo tax. Thanks!
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Deductions & credits
TurboTax should automatically carry over the credit amount you were not able to use in 2019.
Your return will contain a Carryover Worksheet showing this.
Click this link for instructions to enter your Home Energy Carryover Credit in 2020, if needed.
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Deductions & credits
I have a similar situation.
I got my solar in 2018. But I was not able to use all 30% credit in the 2018 tax year. So turbo tax carryover for me automatically.
In 2019, I purchased a plugin vehicle, so I got $ 7500 credit in the 2019 tax year. Since this credit can not be carryover I will use it or lose it. Turbo tax automatic use $7500 credit for 2019 and push my 2018 credit to 2020 (another carryover).
Hope this helps you.