topic Energy efficiency Credit as source payment in Deductions & credits

Energy efficiency Credit as source payment

rolindo — Mon, 13 Jul 2020 19:32:42 GMT

I'm 61 Years old, in 2019 I withdrew money from my retirement account, and I have to pay $20,000 in taxes.

In 2020, I installed solar panels to supply energy to my home, and next year i will receive $14,000 as non-refundable energy efficient tax credit .

Can I carry over my debt to IRS into next year and then use the non-refundable tax credit to pay for my debt to IRS?

AmeliesUncle — Mon, 13 Jul 2020 23:20:47 GMT

No, a tax credit from 2020 can't offset tax from 2019.

rolindo — Tue, 14 Jul 2020 23:12:06 GMT

Thanks for your prompt answer!