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Level 1
posted Oct 25, 2023 9:13:35 AM

solar panel credit

I got the solar panel installed in 2023 and I was told by solar company there is some tax credit you will be getting next year. Do i need any document from the solar company to claim the tax credit ?

0 2 285
2 Replies
Employee Tax Expert
Oct 25, 2023 9:58:57 AM

Hello Guddu

 

From what I'm reading you are eligible for the credit. You will need the contract and sales agreement in case the IRS questions the amounts.

Here is a good link explaining the credit

https://turbotax.intuit.com/tax-tips/going-green/federal-tax-credit-for-solar-energy/L7s9ZiB4D

Employee Tax Expert
Oct 25, 2023 12:40:11 PM

Hello,

Here is the link that explains the credit and the qualifications

https://turbotax.intuit.com/tax-tips/home-ownership/energy-tax-credit-which-home-improvements-qualify/L5rZH56ex

 

The credit is non refundable but can reduce your tax liability to $0 and the excess will carryover to next year