Solar installation tax credit. How do we figure out how much RMD we need to take this year to owe enough taxes to get the full credit because we own our home and are retired living on SS

[julieannirwin]

• How do we figure out how much RMD we need to take this year so that we owe enough taxes to get our full tax credit for Solar installation? We own our house, are retired and living on SS. Estimated credit from fed is $10,728 and $1,000 from state. Would you be able to figure these two amounts more accurately from our taxes filed through you over the last several years?

[mikafeed58]

The amount of energy credit you can claim in the current tax year depends on your tax liability. In order to grab the entire $10,728 of the energy credit you would most likely have to be in at least the 22% Tax Bracket which means that your income as a married couple filing jointly would need to be above $83,550.  The 12% Bracket would not create enough tax liability to secure the entire credit. As you know, the remaining, credit can be carried forward and claimed in subsequent years, but it sounds like you want it entirely on your 2022 return. I hope this helps!