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Solar SREC checks in NJ for 2020
Hello,
Can you please tell me what version of turbotax do I need to use to file 2020 tax return (I mean Deluxe, Premier or Business) as I don't see where can I enter income reported for SREC in state of NJ on turbotax. Please let me know...thanks
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Deductions & credits
You can use any version of TurboTax to enter the SREC income from NJ. Enter the income as Miscellaneous Income using these steps:
- Click on Federal > Wages & Income
- In the Less Common Income section , click on the Start/Update box next to Miscellaneous Income, 1099-A, 1099-C
- On the Miscellaneous Income screen, click on the Start/Revisit box next to Other reportable income.
- On the Any Other Taxable Income? screen, click the Yes box.
- Enter the income on the Other Taxable Income screen, along with a description. Click Continue.
- You will be brought to the Other Miscellaneous Income Summary. If you have no more miscellaneous income to report, click Done.
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Deductions & credits
Hi there - bringing this old thread back to life with a new question about SRECs. I received $1,600 in SRECs this year, which I will claim on my taxes (I will not be receiving a 1099 for this income, according to the company that bough the SRECs from me). However, I also had $1,495 worth of repairs to my system in January (I had to replace my inverter), so my net income after repair costs was only $105.
Can I deduct the repair costs from the income? And if so, how do I do this? Do I just claim $105 as Miscellaneous Incme somewhere? Or is there a different way to show it?