Solar panel tax credit TurboTax - 2022

How to claim the solar panel tax credit in TurboTax for 2022.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
#turbotax #Solar #taxcredit

[@eataxresolutions]

Hello Everyone! Just as a reminder if you have a question about TurboTax or filing I will be doing these Live Streams every Monday at 4PM PST. Be sure to stop by and ask your question in chat so I can help you out! If you want to help our channel outplease use TurboTax through our link! Our TurboTax Link: www.tkqlhce.com/click-100683865-11557904?url=https%3A%2F%2Fturbotax.intuit.com%2Flp%2Faff%2F4049%3F%26priorityCode%3D6099000412

[@markroulette3419]

Wow, thank you for putting this together. I put solar on my home last year and today I was working on my taxes in TurboTax. Getting very frustrated on how to claim this credit. You made it look very simple. Thanks again.

[@eataxresolutions]

Glad it was helpful!

[@elizabethgarcia5727]

What if we finance the solar panel to be put on do we put the amount we finance?

[@TheMondalmithun]

Tax Credit Eligibility According to the U.S. Department of Energy, to qualify for the solar federal tax credit, you must meet all of the following requirements: You must own your home (renters are excluded, unfortunately). The solar panel system must be new or is being used for the first time. You must own your solar panels. This last point isn’t quite as obvious as it might seem, since some homeowners choose to lease their solar systems through third-party companies. While leasing may make sense in some situations, it means that the leasing company gets to claim the tax credit instead of you. By contrast, homeowners that buy their panels outright or finance them with a loan may get to claim the tax credit.

[@robindazzeo370]

Thank you for your video - like your example, our solar tax credit is being applied to what we owe on federal taxes and then the rest is being added to our refund amount. From all that I've read, including on TurboTax's website, is that this is NOT a refundable credit and any additional amount is just carried over to the next tax year. Do you know why you (and we) are having it come back as a refund?

[@eataxresolutions]

The refund is coming from taxes withheld from a W2 (Job) not from the solar panel. That is why there is a carry over amount.

[@PianistIndo]

Thank you for explaining to claim for solar credit. You made it very simple. I have a question: I am supposed to have $10,843.50 solar credit, but only $4,038 is able to be deducted and the rest will carryforward to 2023. However, I have 2022 income tax due for Federal & State. Why is it not allowing me to deduct all of them this year?

[@ImranKhan-w5o9b]

My house is surrounded by trees. Would tree cutting amount be claimed for solar credit?

[@eataxresolutions]

This is a great question. From what read you cannot claim the cost to cut down the trees. www.irs.gov/instructions/i5695 - read the section "Qualified solar electric property costs."

[@cygreen49]

Can u do an updated video on the remaining energy carryover credits

[@eataxresolutions]

Great idea I will get that done and post one.

[@eataxresolutions]

Just Posted it! kzbin.info/www/bejne/kKWlnYiOZr2DhtE

[@longochu8588]

Was there a 3kwh minimum on energy storage devices for 2022 tax credit?

[@robertburke1486]

How would you take this for a commercial property?

[@KennethSaul]

What if you have a carry forward credit?

[@tanktexas]

What is a carry forward credit

[@KennethSaul]

@tanktexas I filed the tax credit two years ago but it said that my credit would carry forward to later years.

[@eataxresolutions]

Just Posted a New Video on this! kzbin.info/www/bejne/kKWlnYiOZr2DhtE

[@ovethvargas6407]

I just purchased solar panels this month and I’m very confused on the Tex credit. I have people telling me I’ll get all 30% when I go my taxes next year but people also telling me it’ll get credited in a span of 5 years and not all at once. I’m very confused and don’t know who to believe.

[@eataxresolutions]

The reason you are confused is because it is no so straight forward. The credit is limited to your tax liability. So if you liability is $5,000 but the credit is $7,000. You will only get a tax credit of $5,000 this year then the remaining balance will carryforward to your next years tax return. I will be doing live streaming help every Monday at 4pm PST. Be sure to hope into the stream if you still need help.

[@antholin71]

I got my solar in 2019, never got to use the credit because I was getting a refund. Can I use it now.

[@KentP-rw9zf]

Would I qualify for the federal tax credit if I pay a 3rd party (Plastiq) with a credit card and then Plastiq issued a check on my behalf to the solar company? Note I am the owner of the panels.

[@kenwe355]

It keeps giving me zero credit. It’s been since 2021? Why aren’t they giving me my credits?

[@minmo1992]

My panels will be installed in December of 2023 but probably wont be turned on until January 2024. Which year can I claim it for? 2023 or 2024? Thanks.

[@alzuu1]

So if there was a rebate from the utility for the installation after the install is done, would you subtract that from the total cost and then apply the 30%?

[@eataxresolutions]

Correct

[@alzuu1]

@@eataxresolutions Thanks

[@IAMDC322]

Can retirees qualify for this tax credit?

[@kevinmurray6079]

If you have a IRS installment plan for 2022, install solar in 2023, can that tax credit be used to pay down that 2022 tax liability? Or is it only valid for 2023 and future years if tax liability is less than the tax credit? (IE Carry Over) First year I ever owed taxes was in 2022 and would love to use the 16k I’m expecting towards that balance if possible 🎉

[@claudiaayers8475]

Thank you

[@sunshinecitysolarlight876]

We don't get tax credit in Jamaica , but there is not customs duties for importing solar panels 🇯🇲🌞🔌🔌❤️❤️❤️

[@midnightsmoker3767]

What if I'm owed a large refund?

[@billsboat4261]

Hello, I recently installed a solar system on my sailboat which I live on. Can I qualify for the tax credit ? If so I don't know what to put for my address. I am usually at one address for half the year. The rest of the year I am sailing around. Thanks for any help !

[@MrPreet23]

can you please clarify 30 percent federal solar tax credit if its on the total value of net installation cost or minus Renewable Energy Credit ? For example if the installation cost without any incentive is 30 k and then you get energy credit 15K ... is 30 percent calculated on 30 k or 15k for federal tax credit ?

[@eataxresolutions]

Hey! I will be going over your comment in my upcoming livestream! Hope this helps! If you have any other questions I go live every Monday at 4P.M. PST. kzbin.infoSHkqV4_UN90

[@triceyartistry7673]

Hey, is there a reason why my credit is saying it's carried over to next year?

[@eataxresolutions]

Yes, that is because if you tax liability is not more than the credit, the amount of credit that is left over will carry forward to next year. IE you will be able to use the leftover amount on the 2023 tax return.

[@krazyphatz]

Thank you so much earned a sub =)

[@eataxresolutions]

Thanks for the sub!

[@kittakongoudom7393]

What if it’s my second year owning my solar panel. I bought the solar panel in 2022 but the whole year of 2023 I paid monthly on the loan. For my second year where it’s at line 1 asking the solar electric cost, I already put 51k on that line when I filled 2022 but I’m doing my 2023 this year. Do I need to put 51k or leave it blank since I didn’t do any improvements in 2023

[@eataxresolutions]

if there is a solar credit carry-over, this video should help! kzbin.info/www/bejne/kKWlnYiOZr2DhtEsi=p5Vhp1V-nft23FTb

[@MYMY_X_23]

Excellent video, What if I financed my panels? am I inputting the total financed amount? or just the panels, installation costs etc.. ? Thanks again !

[@susana0512]

Did you end up getting an answer?

[@dannymar2806]

yea..exactly..he completelythrew me off when he went from 40k to 9.7k . my equipment was totally financed. everything...including permits.

[@krislal7]

Hi, if we don’t have tax liability for 2022 but we do in 2020, can the tax credit be applied to that year?

[@eataxresolutions]

the credit can only be carried forward

[@tanktexas]

What i don't get is my system was around 26 k and last tax season only got a small credit do i do this every year for a rew years? Or is it supposed to be once

[@eataxresolutions]

any amount of the solar tax credit that is used will be carryforward to the following year. I will be doing live streaming help every Monday at 4pm PST. Be sure to hope into the stream if you still need help.

[@Aboyewii]

What if I made the contract to buy in 2022, but they didn't finish until January of 23? Can I still take it?

[@eataxresolutions]

No, it is only for the year in which the installation has been completed.

[@Aboyewii]

@@eataxresolutions Disappointing because they finished about a week after the year but I understand. Thank you.

[@TaiNguyen-pg2cy]

@@eataxresolutions So in this case, the cost would be claimed on 2023 tax?