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Level 1
posted Aug 31, 2022 9:14:37 AM

Inflation reduction act solar

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?

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1 Best answer
Employee Tax Expert
Aug 31, 2022 11:16:26 AM

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

2 Replies
Employee Tax Expert
Aug 31, 2022 11:16:26 AM

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

Level 1
Aug 31, 2022 12:06:06 PM

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.