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Deductions & credits
@kesava-chunduri - just so it's clear, the "tax you owe" is line 18 of Form 1040. it has nothing to do with whether you are due a refund or owe at the end of the year. Focus on Line 18 of Form 1040. Line 18 (tax liaibility) less Line 20 (these credits) can reduce Line 22 to as low as zero, but not below zero. Look at Form 1040 and you'll see what I am talking about.
edited response: I set up a dummy tax return and the EV credit does get consumed before the Solar credit.
‎July 6, 2022
5:49 PM
3,578 Views