Solar panel tax credit TurboTax - 2022

Here you can find Solar Panels and technological accessories related to Solar Energy: Click Here If you want to learn about Solar...

Here you can find Solar Panels and technological accessories related to Solar Energy: Click Here

If you want to learn about Solar Panels, to advise you before buying or to build your own Solar Panel: Click Here

you bought solar panels in 2022 and this is how we get the tax credit on Turbo Tax all right so we come in here click on deductions and credits scroll down open this your home up and this home energy credits click on that button you'll see here solar electric cost we gotta check this yes button saying that yeah we did buy this in 2022. your filing joint gotta answer this question did you live with your spouse or not is your house in the U.S and is this for your main home so is this part of the construction of the home generally we're going to say no here so we can get a credit if you got any of these improvements here but since we're talking solar panels we're going to skip this section and we're going to say no here we didn't do windows last year and did we get any prior year credits the reason they're asking this is because there's a limit to these Home Improvement credits but we're talking solar panels so continue and here we go this is where we place the amount that we paid for the solar panels in TurboTax all right so the next question is how much can I include as a solar electric cost well items we are eligible to include are of course solar panels any solar equipment like inverters wiring and Hardware any installation costs that means Assemble probably prep wiring and permitting of these solar panels any energy storage devices I.E batteries that have a capacity of over three kilowatt hours and sales tax for this stuff now here's one and you'll see here right we paid for insulation the solar modules and the inverter of 97.99 we input that here 9799 and voila continue so this question is asking if we have any credits from last year that we're carrying forward to the 2022 tax returns and I'm going to say no I didn't and there we go we got a 29.40 uh tax credit on the tax return for the solar panels here it is 30 of the cost right nine thousand seven hundred ninety nine times point three and there it is so we round up the chain so they're just double checking that this is yeah where you install the solar panels I'm gonna say yes all right and so when you go to review your return you'll see this form 56.95 and that total amount that you put for the solar panel uh qualified costs here okay then 97.99 and you'll see down here right the 30 is that we got as a credit and you'll see that yeah this does go on the schedule three on the tax return this form from 1040 and that's it that's how we get the solar panel tax credit on the tax return hope it was helpful thanks guys ...