- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Form 5695 residential energy credit
I owe $2500 on my 2016 Federal. My 2016 residential energy credit is $7700. Why can't the $2500 be deducted from my $7700 credit for 2016? Why is it stating the $7700 can only be used as a credit for 2017?
Topics:
June 3, 2019
11:13 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
The residential energy tax credit can only be used to reduce income tax. It cannot be used to offset other taxes such as self-employment tax, early withdrawal tax penalty, etc...
The unused credit can be carried over to future years.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
June 3, 2019
11:13 AM