Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I received a Purchase Costs of Qualifying Products =

Customer Question
I received a Purchase...

I received a Purchase Costs of Qualifying Products = $8342.00, Can this be a credit to me on my Federal taxes? thanks

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Is this a tax credit for me to use for my 2017 tax return

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No, I try to understand the form 5695 and the instructions, but I am still confurse.

Submitted: 2 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 hours by:
2/7/2018
Tax Professional: emc011075, Tax adviser replied 2 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,592
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

What was it for? What did you buy?

Ask Your Own Tax Question
Tax Professional: emc011075, Tax adviser replied 2 months ago

In 2017 you can only get a credit for Qualified solar electric property and solar water heating property. The credit is 30% of the cost but it is not a refundable credit. It means you have to have taxable income and tax liability to offset it with the credit. The credit will not generate additional refund beyond your withholding.

Ask Your Own Tax Question
Tax Professional: emc011075, Tax adviser replied 2 months ago

I see you read my response. Do you have any questions? Is there anything else I can help you with today?

Ask Your Own Tax Question
Was this answer helpful?
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,592
3,592 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
If my taxable income for 2018 will be approx. $38,000, what
If my taxable income for 2018 will be approx. $38,000, what is my tax liability filing single. ( was widowed in late 2016. When I filed for 2017, my CPA had neglected to tell me there were different t… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
If there is no federal tax liability in 2016 because there
If there is no federal tax liability in 2016 because there was no income in 2016, what is the minimum estimated tax that needs to be sent with the extension for 2017 to avoid a penalty?… read more
abci168
abci168
Principal
27 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Question regarding my 2017 federal tax return what can i
Hello Question regarding my 2017 federal tax return what can i deduct from my refinance with cash out for home improvement… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
Is there a tax liability on coins that were being stored by
Is there a tax liability on coins that were being stored by an investment company but I now physically possess them? … read more
emc011075
emc011075
Tax adviser
3,592 satisfied customers
On line 17, Form 1120 ,C Corp Federal Tax return are state
On line 17, Form 1120 ,C Corp Federal Tax return are state corporate income taxes deductible.If I am doing my Federal C Corp returns for 2017 are the state corporate income taxes due but not paid yet … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
Is a settlement from employment taxable income? My husband
My husband received a settlement from his employer as he was no longer able to work as a patrol officer due to injuries. He had to take medical retirement … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a tax liability with the State of Wisconsin. Can the
I have a tax liability with the State of Wisconsin. … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
How do I adjust Federal tax withholding? Texas. Only when I
Only when I applied for social security a number of years ago … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
My Federal tax return was rejected because of EIN number for
My Federal tax return was rejected because of EIN number for my employer. How do I correct this error?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
Ready to mail off printed TurboTax 2017 Federal Tax Return
Ready to mail off printed TurboTax 2017 Federal Tax Return and instructions on what to mail state "Attach first copy or Copy B of Form(s) 1099 to the front of your Form 1040." I'm confused on what for… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
How much tax do I owe on $1.350.00 taxable income. 1040A
How much tax do I owe on $1.350.00 taxable income. 1040A Line 25. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I entered the federal tax withholding as my state tax
I entered the federal tax withholding as my state tax withholding. I discovered my error after I received my refund check. I actually owe $178. How do I send back the refund money? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
Are there federal tax credits for installing a new furnace,
Are there federal tax credits for installing a new furnace, A/C system and attic and wall insulation? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
MY ex-wife did not withhold enough federal tax in 2017
MY ex-wife did not withhold enough federal tax in 2017 (dissolution finalized 6/1/17) and now she owes about $2000 on her 2017 tax return. She does not have the cash to pay this. How does she set up a… read more
abci168
abci168
Principal
27 satisfied customers
My withholding exceeds my tax liability for each of the the
My withholding exceeds my tax liability for each of the the first three quarters of 2017. However, in December 2017 I received a taxable gift of $78,000 from which nothing was withheld. I know this mu… read more
abci168
abci168
Principal
27 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
I submitted my 2016 tax return plus a Form 5695, Residential
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 ex… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x