I have a quick-ish question about the available federal tax credit for solar installation.
For instance, ever year, my wife and I pay in enough on our federal taxes to get a refund as we don't claim any exemptions and such through our employers.
Because we get refunds and don't owe extra at the end of the year, does that mean we can't claim the 30% credit?
Or... does that 30% credit come off the top of what is owed... and we will just get back more of what we paid in?
For instance... say our total tax liability is 3k for a year. We pay out of 4500 and get a refund of 1500 at the end of the year. Would the 30% apply to the 3k we owe in total for the year or would it only apply if we owed extra at the end of the year?
Thanks
-Chris
For instance, ever year, my wife and I pay in enough on our federal taxes to get a refund as we don't claim any exemptions and such through our employers.
Because we get refunds and don't owe extra at the end of the year, does that mean we can't claim the 30% credit?
Or... does that 30% credit come off the top of what is owed... and we will just get back more of what we paid in?
For instance... say our total tax liability is 3k for a year. We pay out of 4500 and get a refund of 1500 at the end of the year. Would the 30% apply to the 3k we owe in total for the year or would it only apply if we owed extra at the end of the year?
Thanks
-Chris
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