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Deductions & credits
It is possible that you don't qualify for an energy credit in the current year because you don't have sufficient federal income tax to absorb the credit. You can only use an energy credit to reduce your income tax to zero, but not below that amount, although an unused credit can be carried forward to future years.
You can subtract line 19 from line 18 on your form 1040 to see the amount of tax available for non-refundable credits. You can see form 1040 while working in the online version of Turbo Tax by following these steps:
- Click on Tax Tools in the left menu bar
- Click on Tools
- Look under Other Helpful links….
- Choose View Tax Summary
- Look in the left menu bar and choose Preview my 1040
- Scroll down the page to see form 1040 and schedules 1 to 3
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January 19, 2023
2:45 PM