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March 12, 2022
Question

Solar Tax Credit

  • March 12, 2022
  • 1 reply
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I entered solar install data for my first home into TurboTax Deluxe. Since second homes are eligible for the solar tax credit. How do I enter it in TurboTax Deluxe after having entered the solar info for my first home?  It doesn't seem to let me.  It appears to be one and done.

    1 reply

    DMarkM1
    March 13, 2022

    If the second home is a personal residence that you lived in for part of the year and not a rental or investment, you would only enter a claim for one credit using the total costs for the two homes. 

     

    Also remember the credit is non-refundable meaning the maximum credit will be limited by the tax on line 18 of your form 1040.  The remainder can be carried over to future years as long as the solar tax credit is on the books.  Right now it is set to expire 31 Dec 2023 unless congress renews it.

     

    To see your form 1040 in desktop versions use the "forms view;" in online versions:

    1. "Tax Tools" in the left hand menu

    2. "Tools"

    3. "View Tax Summary" in the main screen

    4. "Preview my 1040" in the left hand menu

     

     

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