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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: 15 days ago.Category: Tax
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2/7/2018
Tax Professional: emc011075, Tax adviser replied 15 days ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,386
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

What was it for? What did you buy?

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Tax Professional: emc011075, Tax adviser replied 15 days 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.

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Tax Professional: emc011075, Tax adviser replied 14 days ago

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

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