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OHHH that naughty salesman sold you a half truth since they could not possibly know your income tax situation ( unless you showed them a copy of your 2017 return and gave them the 2018 info and they calculated the fed tax due & possible refund) ... the solar credit is not refundable ... it can only reduce your federal tax liability to zero. Once that happens if you have any unused credit then it is carried forward to the next tax year. And any other non refundable credits (like the CTC) must be used up first. THEN once your federal tax liability ( not any SE taxes) is zeroed out the actual refund comes from your withholdings and refundable credits ... so if they only total up to $1000 then that is the max refund you will get.
Review the entire return carefully to see how it worked on your return and then have a long talk with the people holding the loan and explain why you will not be paying down the loan on time and demand a renegotiation ( if you read the contract you will probably see the other option of payments if you do not pay down the loan).
You can peek at only the Federal form
1040 and the summary of the state info by going here:
1) lower- Left side of the screen...click to the left side
of the "Tax Tools" text selection.
2) then select "Tools"
3) then select "View Tax Summary"
from the pop-up
4) then back to the left-side and
"Preview 1040"
Then hit the "Back" on the left side
to get back to your tax entries.
To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.
To pay the TurboTax online account fees by credit card, without completing the 2017 return at this time, click on Tax Tools >>> Tools and then Print Center. Then click on Print, save or preview this year's return. On the next page, to pay by credit card, click Continue. On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button. The next screen will ask for all your credit card information so you can pay for the account.
OHHH that naughty salesman sold you a half truth since they could not possibly know your income tax situation ( unless you showed them a copy of your 2017 return and gave them the 2018 info and they calculated the fed tax due & possible refund) ... the solar credit is not refundable ... it can only reduce your federal tax liability to zero. Once that happens if you have any unused credit then it is carried forward to the next tax year. And any other non refundable credits (like the CTC) must be used up first. THEN once your federal tax liability ( not any SE taxes) is zeroed out the actual refund comes from your withholdings and refundable credits ... so if they only total up to $1000 then that is the max refund you will get.
Review the entire return carefully to see how it worked on your return and then have a long talk with the people holding the loan and explain why you will not be paying down the loan on time and demand a renegotiation ( if you read the contract you will probably see the other option of payments if you do not pay down the loan).
You can peek at only the Federal form
1040 and the summary of the state info by going here:
1) lower- Left side of the screen...click to the left side
of the "Tax Tools" text selection.
2) then select "Tools"
3) then select "View Tax Summary"
from the pop-up
4) then back to the left-side and
"Preview 1040"
Then hit the "Back" on the left side
to get back to your tax entries.
To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.
To pay the TurboTax online account fees by credit card, without completing the 2017 return at this time, click on Tax Tools >>> Tools and then Print Center. Then click on Print, save or preview this year's return. On the next page, to pay by credit card, click Continue. On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button. The next screen will ask for all your credit card information so you can pay for the account.
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kava60
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