topic Solar credit in Deductions & credits

Solar credit

Wegonzalez28 — Sat, 17 Aug 2019 17:09:28 GMT

Hey just a quick question I always get a return for my taxes I'm currently in the process of getting solar panels does the tax credit benefit me??

Re: Solar credit

Critter — Sun, 18 Aug 2019 14:13:08 GMT

What you get for a refund has nothing to do with what the credit will do for you.... you must have federal tax for the credit to offset and the unused balance will carry forward ... so look at the 2018 form 1040 line 11a ... that is the amount of tax the credit could have offset on the 2018 return then recompute the rest of the return to see how it affects the bottom line. Wise tax planning is to increase the taxable income to use the credit faster ... increasing income by converting some IRAs to Roths are a common way to do it.

Re: Solar credit

Wegonzalez28 — Mon, 19 Aug 2019 03:11:48 GMT

So can I expect my refund to be bigger this year?

Re: Solar credit

Critter — Wed, 28 Aug 2019 11:21:57 GMT

maybe, possibly & it depends on what is on your return