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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12035
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am an 80 year old Florida homeowner. I do not earn enough

Customer Question

I am an 80 year old Florida homeowner. I do not earn enough to file a tax return. My 20 year old AC/Heater needs to be replaced. There is a $350. tax credit for one of the efficient systems. Could I get that money? If so, how would I go about it.
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Hi My name's Lane, I can help you here.

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I'm so sorry but this credit is what's called a non-refundable credit.

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If this were a REFUNDABLE credit you could file a return and then get a refund, becasue you owe no other taxes.

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The residential energy property credit is nonrefundable. A nonrefundable tax credit allows taxpayers to lower their tax liability to zero, but not below zero.

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YOU can read more about this from IRS here:

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https://www.irs.gov/uac/energy-incentives-for-individuals-residential-property-updated-questions-and-answers

Expert:  Lane replied 11 months ago.

Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

I know it takes an extra step, but JustAnswer won’t credit us for the work until you rate.

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Thank you!

Lane

I have a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice on three continents, since 1986.

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