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I submitted my 2016 tax return plus a Form 5695, Residential…

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I submitted my 2016...

I submitted my 2016 tax return plus a Form 5695, Residential Energy Credit , in April 2017. That was 5 months ago and I have not received the $7722.00 refund or a status report. Is there any way to expedite the process or obtain feedback on the process? Duane Harmon

Accountant's Assistant: What state is this in? And just to clarify, when was the purchase made?

The solar system was installed in 2016 in the state of Utah.

Accountant's Assistant: Has anything been filed or reported?

I filed the 1040 and the 5695 in April 2017 but I have not heard anything from the IRS since then - except that the IRS cashed the $695 that was included with the return so I know that they received the above paperwork.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

No I think it's simple. Why is it taking so long?

Submitted: 5 months ago.Category: Tax
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Answered in 8 minutes by:
9/22/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,521
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

I'm so sorry, but the Residential Energy credit is not a "refundable credit," as they're called.

...

SOME credits (such as the American Opportunity Education Credit, which is partially refundable, or the Earned Income credit) wipe out all tax due, generate a refund of any tax withheld from paychecks, and STILL generate a refund.

...

But the residential energy credit isn't a refundable credit. Again, it will cause a refund of any withheld taxes from pay, or estimated taxed for self-employed individuals that it offsets ... But once it has eliminated all of the tax that it can (based on the size of the credit and the size of your tax liability) you can only carry forward to future years, any credit that wasn't usable.

...

Credits for these CAN be carried forward to future years:

  • Geothermal Heat Pumps
  • Solar Panels
  • Solar Water Heater
  • Small Wind Energy Systems
  • Fuel Cells
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

Now, if what you're saying is that there is a refund due because the credit offset taxes that were covered by withholding, then THOSE dollars SHOULD be refunded. You can check on that here: https://www.irs.gov/refunds and/or by calling IRS.

...

Please let me know if you have ANY questions at all, before rating me.

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

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

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Lane, JD, CFP, MBA, CRPS
Category: Tax
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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