Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
marybgrace
New Member

Can I still take a 2018 carryover credit for installing a heat pump in a prior year?

 
1 Best answer

Accepted Solutions
Cindy0H
New Member

Can I still take a 2018 carryover credit for installing a heat pump in a prior year?

Yes, you can use it to reduce your tax liability.

There is an order in which the credits on your tax return are used.  If the preceding credits have reduced your tax bill to zero, then the credits which can be carried forward - such as the Residential Energy Credit - will carry forward to reduce your tax bill in the future.

View solution in original post

2 Replies
Cindy0H
New Member

Can I still take a 2018 carryover credit for installing a heat pump in a prior year?

Yes, you can use it to reduce your tax liability.

There is an order in which the credits on your tax return are used.  If the preceding credits have reduced your tax bill to zero, then the credits which can be carried forward - such as the Residential Energy Credit - will carry forward to reduce your tax bill in the future.

View solution in original post

marybgrace
New Member

Can I still take a 2018 carryover credit for installing a heat pump in a prior year?

Thanks! However when I posted my question this site didn't give me enough space to explain what I really want to know. As I was working on my return, a TT message popped up saying that the renewal of this credit is under consideration by Congress. I'm concerned that if I claim the credit and they don't renew it, I'll have to pay the money back. Can you tell me anything about this?
Dynamic AdsDynamic Ads
Privacy Settings
v