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Level 2
June 7, 2019
Solved

How does the itc tax credit work for retired workers?

  • June 7, 2019
  • 3 replies
  • 56 views
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Best answer by Opus 17

No different than anyone else.  If you install solar equipment on your personal residence, you can take a credit of up to 30% of the cost.  Because it is a non-refundable credit, it reduces your tax, maybe even to zero, but is not refunded if you owe no tax.  

If you have income, such as a pension, annuity, investment dividends and gains, and so on, then the credit will reduce your tax.  If your income is too low to owe tax then you won't have tax for the credit to reduce.

3 replies

DoninGA
Level 15
Level 15
June 7, 2019
Are you referring to an Investment Tax Credit?  What type of credit, Corporate or Personal?  The Solar tax credit?
Opus 17Level 15Answer
Level 15
June 7, 2019

No different than anyone else.  If you install solar equipment on your personal residence, you can take a credit of up to 30% of the cost.  Because it is a non-refundable credit, it reduces your tax, maybe even to zero, but is not refunded if you owe no tax.  

If you have income, such as a pension, annuity, investment dividends and gains, and so on, then the credit will reduce your tax.  If your income is too low to owe tax then you won't have tax for the credit to reduce.

Level 2
June 7, 2019
solar tax credit