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How do I receive my residential energy credit for solar panels this year, and not next (carry-over)? Form 5695.

Forum|Forum|7 years ago
June 1, 2019
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Best answer by mglauner

Even though you can claim 30% of the cost of your Solar Panels as a credit, your tax liability limits the amount you can claim on your return this year.

For example, if your credit is $5,000 and your Tax is $3,000, you can use $3,000 of the credit against your tax, and the balance of the credit carries forward. It is a non-refundable credit.

Here's a link to instructions for Form 5695:

https://www.irs.gov/pub/irs-pdf/i5695.pdf

M

mglaunerAnswer

Even though you can claim 30% of the cost of your Solar Panels as a credit, your tax liability limits the amount you can claim on your return this year.

For example, if your credit is $5,000 and your Tax is $3,000, you can use $3,000 of the credit against your tax, and the balance of the credit carries forward. It is a non-refundable credit.

Here's a link to instructions for Form 5695:

https://www.irs.gov/pub/irs-pdf/i5695.pdf