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Old 10-23-2018, 11:40 AM
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Join Date: Oct 2018
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Solar Tax Credit

I'm reading some mixed things online, so I'm hoping to get clarification from the TaxGurus!

- I will get $9,000 in Solar Tax Credits for tax year 2018.
- My wife and I will pay about $13,000 in taxes for tax year 2018.
- My wife and I will have paid just about $13,000 in taxes, because we didn't want to have to pay any lump sum.

Therefore, $13,000 paid for 2018, plus $9,000 in non-refundable tax credit.

How much will we receive back in taxes?

If the answer is nothing, should we reduce the amount we pay into taxes next year?



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Old 10-24-2018, 10:59 AM
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Join Date: Oct 2010
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How much will we receive back in taxes?========= the federal solar tax credit is known as the Investment Tax Credit The Federal ITC grants a dollar-for-dollar tax deduction equal to 30% of the total cost of a solar energy system.i mean say,your gross cost of installing a solar panel system in 2018 is $18,840. Then, the solar tax credit can reduce your federal tax burden by $5,652, 30%of the gross cost of installing a solar panel system . in your case, your tax is reduced by $9k. Claiming the ITC is easy. All you need to do is complete IRS Form 5695


If the answer is nothing, should we reduce the amount we pay into taxes next year?======assaid above



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