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champfcp
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Really? I pay turbo tax for a live chat room???

 
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6 Replies

Really? I pay turbo tax for a live chat room???

This form is not live chat, but it is free for everyone. If you want to speak with a personal tax expert using the TurboTax Live program, that is an up charge.

tommsaunders
Returning Member

Really? I pay turbo tax for a live chat room???

I am completely the credits for residential solar electricity.

To have the installation completed with no money out of pocket, I released the 30% credit on $19,260. to Vivint Solar.  There does not seem to be a place to let the IRS know that...

Really? I pay turbo tax for a live chat room???

LOL ... there is no place to tell the IRS this on a tax return because it cannot be done ... read your contract again ... YOU  must send them the amount listed to reduce your payments when the refund is released ...  however it is very possible you will not get the full credit  on this tax return ... it could take several tax years to recoup the amount if you can at all. 

 

Chance are real good you have 2 contracts ... one that shows the amount of the credit as a partial payment  and one that does not.   If you do not understand the contracts as written contact the solar company or the financing company for an explanation. 

tommsaunders
Returning Member

Really? I pay turbo tax for a live chat room???

Thank you for your prompt answer.  I only had one contract, and that waives my right to the credit, and gives it to Vivint.  I paid cash.  There was no financing.

Really? I pay turbo tax for a live chat room???

Well does that contract tell you how the IRS credit gets to them ?   The IRS will not send it to them so I am unsure how they are  going to get it if you do not pay it out of your refund. 

 

 

Really? I pay turbo tax for a live chat room???

The bottom line is this: there is no piece of paper that the company could show the IRS that would cause the IRS to pay your refund to the company instead of to you.  

You might have promised to pay part of your refund to the company after you receive it.  Or, there is a form you can fill out if you want to split your refund into two different bank accounts. Most people use this if they want to divide the refund between checking and savings or between checking at a brokerage account.  You might have promised to use this form to deposit part of your refund with the company. (However, this does not seem likely, because most of the time the IRS will not deposit a refund into a bank account unless the name and Social Security number of the bank account owner matches the taxpayer.)   

You will need to read the contract, or possibly call the company to clarify what they want you to do and what you supposedly agreed to do.

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