Question

Solar Tax Credit

Forum|Forum|2 years ago
February 13, 2024
1 reply
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I waited for Turbo Tax to update Form 5695 for the Solar Energy Credit and updated when I was informed that it was ready. It's giving us a sizable refund, but the credit isn't supposed to be refundable. I have double checked entries, deleted the solar panel info, re-entered info and it's the same conclusion. Is this a problem with the software or am i completely missing something? I would love to get a nice refund, but not if the IRS comes screaming that they want it back in a few months. Any help would be appreciated.

M

MayaD

You are right, the credit is non-refundable and can't be used to increase your tax refund or to create a tax refund when you wouldn't have already had one.

However, Nonrefundable credits can take your tax liability to zero. If your tax liability is zero, you can get back any taxes withheld and paid during the year.

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