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nico15
New Member

I got solar panels on my house last year and they told me im getting a 6000 credit back on my taxes is that true

im in oklahoma city not in new mexico
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I got solar panels on my house last year and they told me im getting a 6000 credit back on my taxes is that true

Who told you that you would receive $6,000 credit?  Are you referring to the federal tax credit or a state tax credit?

For the federal tax return you are eligible for a credit of 30% of the cost of the solar system installed on your personal residence.  If the credit reduces your tax liability on your federal tax return to zero any remaining credit is carried over to the next tax year.

I got solar panels on my house last year and they told me im getting a 6000 credit back on my taxes is that true

We can't see your tax return.  Print your federal and state returns and look at them.

 

On your federal return, you may claim a tax credit of 30% of the cost of installing a solar system. This will be shown on form 5695.  In some cases, you might not be able to get the entire credit in the first year.  If only part of the credit is allowed this year, the rest of the credit will carry forward to future years.

 

Some states also have a state credit for solar energy installation.  You will have to review your state tax return to see if you claimed the credit and how much it is. 

 

You don't get a separate check from the IRS or your state.  The credit is added to your tax refund.  (You also have to claim the credit by reporting it on your tax return, it doesn't come automatically.  If you did not report the credit on your tax return, you would need to file amended tax returns to add the credit.)

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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