I purchased a plug-in electric vehicle in 2019 that qualifies for the $7500 refund. I also purchased solar panels for my house spending $27,399 after receiving a state incentive. After the 30% refund, I should be able to get credit for ~$8,220 from solar alone. My problem is that I should be able to get back $15,720 from both of those, However, my refund is missing ~$4000 because I maxed out the deductions and credits. How do I carry forward that extra money to next year from solar panels to next year? Should I only claim I spent $15,000 this year on solar, and then claim the additional $12,399 on taxes for 2020 as a carryover? It's just unclear how to do that on Turbo tax. Thanks!
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I have a similar situation.
I got my solar in 2018. But I was not able to use all 30% credit in the 2018 tax year. So turbo tax carryover for me automatically.
In 2019, I purchased a plugin vehicle, so I got $ 7500 credit in the 2019 tax year. Since this credit can not be carryover I will use it or lose it. Turbo tax automatic use $7500 credit for 2019 and push my 2018 credit to 2020 (another carryover).
Hope this helps you.
TurboTax should automatically carry over the credit amount you were not able to use in 2019.
Your return will contain a Carryover Worksheet showing this.
Click this link for instructions to enter your Home Energy Carryover Credit in 2020, if needed.
I have a similar situation.
I got my solar in 2018. But I was not able to use all 30% credit in the 2018 tax year. So turbo tax carryover for me automatically.
In 2019, I purchased a plugin vehicle, so I got $ 7500 credit in the 2019 tax year. Since this credit can not be carryover I will use it or lose it. Turbo tax automatic use $7500 credit for 2019 and push my 2018 credit to 2020 (another carryover).
Hope this helps you.
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