You'll need to sign in or create an account to connect with an expert.
The solar credit is a non-refundable credit. This means that the credit will help reduce your 2020 tax liability. Once your tax liability has been reduced to zero, any excess credit will not be refunded to you, but will be carried over to future years. So in the future, it will help reduce your tax liability until exhausted.
I’m supposed to repay that money back to the Loan so my payments don’t go up.
Unfortunately, as it is a nonrefundable credit as mentioned by MinhT1 above, it can only be used to offset the tax liability on your tax return.
Please see the links below for additional information.
Refundable versus nonrefundable credits
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
iblankm
Level 2
MH002
New Member
loweyecue
New Member
mikeb77
Returning Member
iyerks111
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.