topic Solar in Deductions & credits

Solar

sheldonryland — Sun, 02 Feb 2020 20:12:52 GMT

How do I enter a solar credit. I entered 2019 cost in the Home energy credit,under solar electric costs and I got a message that tells me that I have a 2020 credit. But no 2019 credit. How do I enter my solar installation costs to get a credit in 2019?

Re: Solar

MayaD — Sun, 02 Feb 2020 21:18:39 GMT

The Energy credit is a nonrefundable credit. You can claim up to %30 of the cost of your solar panels as credit.

The Energy credit will reduce your Tax liability to 0 but won't increase your refund. If you don't have any tax liability in 2019 the credit claimed this year will be 0 and the full credit amount will carry over to next year.

Re: Solar

BrownDRS — Mon, 23 Mar 2020 16:19:24 GMT

Installed Electric Panel 2019 on Taxes gave $458 Credit only, will rollover to 2020. Will I get the balance of $9442.00 then?

Re: Solar

BrownDRS — Mon, 23 Mar 2020 16:20:43 GMT

What if I 0 next year too will I still get balance?

Re: Solar

BrownDRS — Mon, 23 Mar 2020 16:22:09 GMT

I quess Thumbs UpmeansYes, Thankyou!

Re: Solar

gregrgerhart — Sat, 28 Mar 2020 23:18:57 GMT

Have you completed this year's return, and, did you have a tax liability for 2019. If so, I think your credit is limited to the lesser of the credit or the tax liability. In other words, if you owed no taxes for 2019, you have to carry forward the entire credit to 2020. If you have a $1,000 credit & your pre-credit tax liability is $600, you get to claim a $600 credit for 2019 and the difference of $400 is carried forward until 2020.