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New Member
posted Apr 24, 2024 3:16:24 PM

Deductions on w4

I had solar panels installed and was able to claim some of the tax credit this year for the first time,  but still have plenty left over.   My son will be starting college next year and while my salary has gone up,  would like to maximize my refund for 2024. Would changing my deductions on my w4 make any difference on how much credit I would receive from the solar panels?  Just trying to think ahead for next year. 

 

Thanks for your help. 

LCTx

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1 Best answer
Expert Alumni
Apr 24, 2024 3:19:38 PM

No, it would have no effect on the amount of credit that is used next year.   The w-4 will only change how much tax is withheld; it will have no effect on your tax liability.  Whatever you can't use next year will roll over to the next year until the credit is exhausted.   

1 Replies
Expert Alumni
Apr 24, 2024 3:19:38 PM

No, it would have no effect on the amount of credit that is used next year.   The w-4 will only change how much tax is withheld; it will have no effect on your tax liability.  Whatever you can't use next year will roll over to the next year until the credit is exhausted.