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Business & farm
Be sure your calculations/amount of credit is accurate if you decided not to remit estimated tax payments. You take the amount of your Residential Clean Energy Credit directly off your total tax, rather than as a deduction from your taxable income. If the credit exceeds the amount of income tax you owe, the credit can take your liability to zero, but you can't use the credit to get an IRS refund. However, the unused portion of the credit will carry over to the following tax year.
Here is detailed information about the credit: Residential-Clean-Energy-Credit
Have an amazing day. Evelyn M (CPA 20+ years)
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I would love a thumbs up 🙂 + Mark the post that answers your question by clicking on "Mark as Best Answer"
August 28, 2024
2:41 PM
7,652 Views