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posted Mar 18, 2023 1:57:32 PM

In 2021 we purchased solar panels. We were told that we would get over $20,000 & we did not. Is there a way to still get that money? How can I fix this issue?

I claimed sit on our taxes last year the way the instructions told me to.  I did not get a form from the solar company.  They sent our contract & I had to do it with that information.

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2 Replies
Level 15
Mar 18, 2023 3:44:19 PM

From what you’re saying, it sounds like you entered your solar panel information in TurboTax for last year’s (tax year 2021) return, but didn’t receive a credit.

 

That’s possible – it’s a non-refundable credit, meaning that it can only offset any tax you may owe.

 

However, any credit amount that didn’t offset tax can be carried over to subsequent years but, again, can only be used to offset any taxes owed.

 

Look at the 2021 Form 5695 (PDF): Residential Energy Credits you filed for 2021. If there’s an amount on line 16, that amount can be carried forward to this year’s taxes. 

 

Please see the TurboTax Help article What’s the Solar Energy Tax Credit? for more information.

 

And if you didn’t claim the credit on last year’s return, see the TurboTax Help article How do I amend my federal tax return for a prior year? for information on amending the return to claim the credit.

Level 15
Mar 18, 2023 3:48:05 PM

The folks who sold you the solar system did not tell you the entire truth in that they could not promise you that the entire non refundable credit would be refunded.    Look at the form 5695 to see how much credit you actually got on the 2021 return and how much you could use then the amount being carried forward.