Question

Home Energy Credit

Forum|Forum|3 years ago
March 22, 2023
1 reply
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I have a carry forward home energy credit that is less than the amount of tax owed, TT software says none of the carry forward applies to 2022 taxes and will carry forward to next year's 2023 taxes. Is this a potential data entry error or TT software error, or are the conditions that would prevent the carry over from applying this year?

TurboTax Home & Biz Windows

SteamTrain

Employee

that depends on the source of the taxes owed.

1) The Self-Employment tax (SS and Medicare taxes for self-employed net income) cannot be paid off by the Energy Credit.

2) And, if I recall properly, there are some other credits, that are not allowed to be carried over, that are applied & used before the Energy Credits.....which allows you to use more of them...eventually.

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____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*