I have $18,815 in unused solar installation credit carryover (from 2016). My bottom line 2018 Fed tax is around $2,500. TurboTax Premier is not automatically applying the carryover credit to the tax due. How do I force TurboTax to net the carryover credit against my tax due (so that my net tax is zero)?
If your unused solar energy credit from 2016 was carried forward to your 2017 return and still remains unused, then you can enter it into your 2018 return to claim it.
Use these steps:
If your unused solar energy credit from 2016 was carried forward to your 2017 return and still remains unused, then you can enter it into your 2018 return to claim it.
Use these steps:
Thanks Annette. I did add the carryover on the "home improvement" link in TurboTax, and TurboTax is showing an $18,815 tax credit available, but the credit is not being applied to my $2,500 tax due. How can I tell TurboTax to apply part of my available solar credit to my bottom line tax due?
The energy credit can only be applied to income tax liability, not your bottom line tax due. If the taxes that you owe are shown on line 14 of your Form 1040, then they are due to another tax (like self-employment) and not income tax. The energy credit cannot be used to offset taxes shown on line 14.
Ah ha! Yes, that is exactly right. The line 14 tax is from self-employment. Brilliant. Thanks so much.