Inflation reduction act solar

2 replies
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I'm a retired citizen and my income is almost all social security. If I install solar panels on my house, will I get a 30% tax refund when I file?

John-H2021Answer

Level 6

Hello realcool,

The solar credit is a non-refundable credit which means it can reduce your tax liability to $0 but any excess gets carried forward to future years and doesn't get refunded to you

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John-H2021Answer

Level 6

Hello realcool,

The solar credit is a non-refundable credit which means it can reduce your tax liability to $0 but any excess gets carried forward to future years and doesn't get refunded to you

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

realcool3430Author

Level 2

So not paying any taxes since I'm retired, IRA doesn't help me on the cost for solar installation. Maybe something can be passed in the future to help old people.