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Deductions & credits
Sorry, I am still confused. I looked at form 1040 but that was no help as line 18 includes line 16 which includes 6ish other tax forms to fill out.
Let me simplify my example and we can exclude all other factors. A person makes 100,000 a year and had 10,000 in federal taxes withheld throughout the year (these are fake numbers and do not rest in reality).
Come tax season they use Turbo Tax to do their taxes. Prior to entering the solar tax credit Turbo Tax says this person will receive a refund and own zero dollars because their withholdings covered their exact amount of tax liability.
At this time the person enters the solar tax credit worth 13,000. Would this person then receive a refund of 10,000.
‎April 2, 2024
11:44 AM