From my understanding, if you do not owe taxes then the 30% ITC is not beneficial to customers who install solar. In this particular case, the individuals reitrement income is not taxed. Therefor not having to owe any taxes. Would he still benefit from the ITC? I understand that this is a solar forum and not a CPA forum but to the best of your knowledge could I receive some input on this.
Most Popular Topics
Collapse
ITC for Retiree's
Collapse
X
-
-
I am a military retiree. My pension is far too low to be taxed. So by having solar power, I do not receive any benefit from the tax credits.4400w, Midnite Classic 150 charge-controller. -
There are installers who offer "pre-paid lease" type arrangements for customers who are not able to directly benefit from the ITC themselves. They might not offer the full 30% reduction that the tax credit provides, but can get close when done well with someone reputable.CS6P-260P/SE3000 - http://tiny.cc/ed5ozxComment
-
If you have a traditional IRA or other tax-deferred account, you could consider withdrawing enough such that you would owe taxes that could be offset by the tax credit. Otherwise, sensij's suggestion of going the pre-paid lease route is something to consider.Comment
Comment