Quote:
quote:Originally posted by Alwims
I was just looking at the taxes part of all this yesterday and I thought I saw you say in another thread to answer no to the first question. So if we are due a refund we don't get the 30%? Don't ya just love our federal gov? Seems like our government needs to learn what the word "credit" means............in more ways than one. Well gota go put the 2 68's up on the roof, too windy yesterday.
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Now calm down there buddy and don't get in an anti government uproar
You can claim the credit.
The first question is just asking if it was for your main home and eliminates one specific credit. You'll go to part two and add your solar costs on line 15 and calculate your credit on line 20.
Remember to add up all of your costs... Wiring, controllers, panels etc. Any thing used in the installation.
And a credit is a credit... If you are due a refund your refund will only be bigger.
For instance. If your system cost $2,000 then your credit will be $600. That's $600 off of your tax liability. When you do your taxes and take all of your deductions and exemptions etc... and get to the final line where you calculate taxes... The $600 will come off that number. If you don't owe $600 the excess will roll over to the next year and you can take it off of your taxes then.
Some round numbers For instance: Lets say your calculated tax liability is $5,000. Lets also say you've had $6,000 withheld thru out the year. That means you would be getting a $1,000 refund.
But now since you get the solar credit - that is taken off of the $5,000 tax liability and instead your liability is $4,400. You still paid in $6,000 So you get $1,600 refunded.