turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I live in Colorado and installed solar. Why doesn't it let me get the 7k to apply toward my principal solar loan like i was told? I was told I would get $7,500 back?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

I live in Colorado and installed solar. Why doesn't it let me get the 7k to apply toward my principal solar loan like i was told? I was told I would get $7,500 back?

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.

View solution in original post

6 Replies

I live in Colorado and installed solar. Why doesn't it let me get the 7k to apply toward my principal solar loan like i was told? I was told I would get $7,500 back?

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.

I live in Colorado and installed solar. Why doesn't it let me get the 7k to apply toward my principal solar loan like i was told? I was told I would get $7,500 back?

I will file this paper and mail in to the IRS

I live in Colorado and installed solar. Why doesn't it let me get the 7k to apply toward my principal solar loan like i was told? I was told I would get $7,500 back?

It is better to efile ... mailed in returns this year may be delayed since the shutdown kept the IRS from hiring all the seasonal temps that input those mailed in returns.

I live in Colorado and installed solar. Why doesn't it let me get the 7k to apply toward my principal solar loan like i was told? I was told I would get $7,500 back?

The Software is not calculating my return on this properly.

I live in Colorado and installed solar. Why doesn't it let me get the 7k to apply toward my principal solar loan like i was told? I was told I would get $7,500 back?

Where do you think it went wrong ?   

I live in Colorado and installed solar. Why doesn't it let me get the 7k to apply toward my principal solar loan like i was told? I was told I would get $7,500 back?

No you are right. I am filing electronic. After reading I was expecting this tax credit immediately, but it say to still file and I will be updated as it pertain to processing and application of the program and the law.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies