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Level 2
July 13, 2020
Question

Energy efficiency Credit as source payment

  • July 13, 2020
  • 1 reply
  • 0 views

I'm 61 Years old, in 2019 I withdrew money from my retirement account, and I have to pay $20,000 in taxes.

In 2020, I installed solar panels to supply energy to my home, and next year i will receive $14,000 as non-refundable energy efficient tax credit .

Can I carry over my debt to IRS into next year and then use the non-refundable tax credit to pay for my debt to IRS?

    1 reply

    Level 15
    July 13, 2020

    No, a tax credit from 2020 can't offset tax from 2019.

    rolindoAuthor
    Level 2
    July 14, 2020

    Thanks for your prompt answer!