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Level 1

Continued solar tax credit?

I received some of the 30% last year, but cannot figure how to continue it for this year.  There was a tax company that handled it last year, but that is not an option for this year.

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Level 3

Continued solar tax credit?

The 30% tax credit for the cost of buying and installing a solar system is available for 2018 and 2019. For 2020 the credit drops to 26%, for 2021 the credit drops to 22%, for 2022 the credits fall all way down to 10%, for 2023 the 10% credit is only for companies that install and maintain solar systems and sell the power to another entity (homeowner, business, utility company, etc.)

The federal solar tax credit (residential energy credits - Form 5965) is a tax credit, not an itemized deduction.  So, it won't be affected if you stop itemizing your deductions.  You will still be able to take advantage of this credit even without itemizing.  But, it is limited to tax liability.  However, you can carry it forward to future years when you aren't able to use up the tax credit in one year.  

Note: Technically, the IRS has not clarified how long the carry forward will be available to use.  As of now, the carry forward should be available until 2022, at least, because the tax credit was recently extended until that time.  So, it's possible that the IRS could stop allowing the carry forward at that time.  Also, you will need to file the Form every year even if you aren't able to use any of the tax credit in order to keep the credit carrying forward.

Please read the TurboTax FAQ for more information on "How do I add or remove Form 5695?": How do I add or remove Form 5695?