ptdusn
Member
No restrictions.Does anyone know if there are income restrictions on solar, like there are on the EV credits?
Tim
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No restrictions.Does anyone know if there are income restrictions on solar, like there are on the EV credits?
Tim
Correct, you would have needed to get PTO 1/1/22 or later.We got PTO in fall 2021. Am I correctly interpreting that we cannot up our deduction to 30%.
It looks like battery installed with solar in 2022 still falls under the existing "Investment Tax Credit," which I believe doesn't even mention batteries but the IRS has interpreted that these batteries are "energy property" as defined as "equipment which uses solar energy to generate electricity, to heat or cool (or provide hot water for use in) a structure, or to provide solar process heat."Does a battery installed with solar in this calendar year 2022 specifically now qualify for 0%, 26%, or 30% once the Act is signed?
Need to be clear about the credit. This 30% is not money you will receive back from the IRS it is just credit that will just keep deducting from whatever you owe throughout the years? That is what I was told but chatting with Tesla rep said you get back the money.
So if you have a job and pay taxes you are good to go right?You need to pay income tax in excess of the value of the credit to get the entire amount. You may or may not see any of the “cash back” depending on your overall tax liability versus how much you paid throughout the year. If your tax liability at the end of the year is exactly zero (you paid all your taxes and the total exceeds your credit) then and only then will you “get back the money”.
Depends how much you have to pay in taxes, although I think you can apply it over a few years.So if you have a job and pay taxes you are good to go right?
Okay I usually only owe state income tax. I got it now. Thanks I have a call with them on Monday to discuss more about everything else including why they came back with only 66% offset etc. ThanksYou need to pay income tax in excess of the value of the credit to get the entire amount. You may or may not see any of the “cash back” depending on your overall tax liability versus how much you paid throughout the year. If your tax liability at the end of the year is exactly zero (you paid all your taxes and the total exceeds your credit) then and only then will you “get back the money”.
Okay so I was correct the first time it deducts what you owe from the federal tax. So it is not something they write you a check for or add as a deduction to lower your tax amount.If you have zero federal tax liability you will never be able to utilize the tax credit.
You keep mentioning "owe" when others are talking about tax liability. You can still get the tax credit benefit even if you would have gotten a refund so now an even larger refund as long as your tax liability was greater than the nonrefundable credits.it deducts what you owe from the federal tax
Okay so I was correct the first time it deducts what you owe from the federal tax.