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Deductions & credits
Yes, Solar Renewable Energy Credits are taxable, on both your federal and state returns.
The sales are typically reported on Form 1099-MISC. The form is generally issued to income recipients if at least $600 in income has been received.
However, the income must be reported, even if you don't receive the 1099-MISC.
Following Irene2805's advice from this page, you'll enter this income using the following 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.
March 14, 2021
12:59 PM