Question

Form 5695 residential energy credit

Forum|Forum|5 years ago
January 13, 2021
2 replies
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I had solar panels installed in 2020, filled out the 5695 form within TurboTax, ending up with a statement that has no credit for 2020 with credit noted in 2021 as a carryforward.

This makes no sense to me - I need to credit posted on my return of 2020 - please help.

M

MinhT1

The solar credit of 26% in 2020 is a non-refundable credit. It can only be used to rduce your 2020 tax liability to 0. If you have no tax liability in 2020, the solar credit is carried forward to future years.

In your case, please check if you have any tax liability in 2020. As said above, the solar credit cannot lead to a refund.

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Critter-3

Hopefully you've entered all your income before completing the credit section. If you have not please wait until you've entered all your income before reviewing the credit sections again.