Tax Credit For Solar

[LowGear]

OK!  It's getting close to an extension.  I can't find the correct form to claim my solar project for a tax credit.  If I do it as a person it comes up with peanuts.  I want to claim it on my Farm.  What stinking form do I use?

Casey

[Carlb]

See if this form works for you

http://www.irs.gov/pub/irs-pdf/f3468.pdf

[LowGear]

Hi CarlB,

That's the one I'm most encouraged by.  It feeds Form 3800 and that one posts to the 1040.

Here's the scary part:

1.)   I'm on a leasehold so do I fill in the first couple of lines or is it just a coincidence?

B.)   It only allowed me like $2200 of a approximate $5500 in credits.  Is the difference carried forward?

III.)  I've always thought that if the IRS owed you money they weren't as fixated about filling on a particular day?

4.)   Is there a limit on the other residential energy credit form this year?

Your pupil,

Casey

[deeiche]

rm /

[Carlb]

It will only allow you to get back what you paid in taxes for that year (2010 in this case).  The balance is carried forward and can be used in future years (at least that's how it is on the residential tax credit).

I use Tax Act software to do my taxes and have for many years.  When we claimed our 11.2kw array last year we got back around 9,000 and 2500 was carried over to this year.  The tax act software automatically carried the credit over when we did this years taxes. 

The software is very inexpensive and really guides you through doing your taxes.

You can buy the software online for both Fed and State taxes and you only need to enter most of the info into the Fed tax and it is automatically carried over into the state forms.  You can also have them direct deposit into your bank account. 

When you do your taxes next year if you use tax act again it will remember that you have he surplus credit and automatically apply it.

Carl.

[LowGear]

OK!  Thanks,

I've been a Turbo Tax user for something like 20 years.  I'm pretty confident that all these more popular programs are about the same. 

I'm really hoping that TT remembers this credit balance.  It sure remembers a lot of other stuff year after year.

Casey

[Carlb]

I am sure that Turbo Tax will carry the credit forward and all of the necessary forms should be included in the Turbo Tax software. 

Good luck

Carl

[mike90045]

I found this year, that while Turbo tax carried over many business expenses, it only carried the text in the expansion fields, and I had to reload the old program to get the carry overs.  Very bad on their part.  More bad, was my employer changed their federal (not state) EID #, and when I typed it in, I made a typo, and got my efile rejected. Had to print and file 130 pages of &#(!.

[WStayton]

Is there somewhere that lays out the tax benefits of energy conservation on a "See Spot Run" basis for us fiscal dummies in the crowd???

I'm asking for next year, since that is the first year that is going to have an effect for me, so I am not looking for an instant answer - just something to get me started down the path so NEXT year I am not pulling out what little hair I have left, at the last minute! <grin>

Thanx for any  input!

Regardz,

Wayne Stayton

[LowGear]

Good News.

The IRS accepted my Turbo Tax electronic file.  The problem checker at the end of the project seems to have picked up all the problems.

Now comes the prayers for getting through the IRS and proper hand-off from Fed to State forms by Turbo Tax.

Thanks for the help.

As for the simple step process - This is the United States of America!  We don't like simple.  Or so it would seem.

Casey

PS:  Email me and I'll send you a set of papers a friend sent me.  They helped a bit.

[Tom Reed]

Here you go: http://www.dsireusa.org/

[WStayton]

Tom:

   I'll get back to you guys as soon as I finished reading all the stuff in the site you sent - let's see . . . should be about 7 months from next Thursday!  <grin>

  Thanx for poiinting me in the right direction - maybe I'll even learn something!  How's that go . . . a pat on the back, applied low enough, often enough and HARD enough, will, EVENTUALLY, work! <grin>

Thanx again for the info!

Regardz,

Wayne Stayton

[Tom Reed]

Enjoy! I missed a lot of the credits available due to being off-grid. Most are for grid-tie.

[WStayton]

Tom:

  One thing I did notice, and which PO's me, is that many of the more financiallt attractive programs REQUIRE installatiion by a licensed installer!!!

  Ok, I'm just a d%$b-s#!t engineer, but I THINK that I can/wouold do as good a job as a hired gun who will only see the system for two days, while he puts it in and then he's "Out Of There".  I'm kinda motivated to doing it fairly right the first time since I'm adverse to cold and dark in the middle of January!

  I see were NYSERDA gives you $.10 per % per gallon for using "biofuel" in your set-up - obviously, I have to go read the whole package - all 135 pages of it _ and see if it is doable, by me, but even at the 20% limit, that's something like $14,000 a YEAR!!!  I could live with that!

  Is there a "diploma mill" around somewhere that gives out study-on-the-net certificatioins for technichians???  <smile>

  Thanx for getting me started - though I may have more tears than cheers when I see what is there that I CAN'T qualify for, because the only way some "certified installer" is getting his hands on anything of mine is if hes armed (heavily!)!! <grin>

Regardz,

Wayne Stayton

[Tom Reed]

Actually my wife used to work at one that is associated with the famous Real Goods Solar. You can check out their online courses at solarliving.org. Let me warn you though getting a license requires a through indoctrination in CO2/climate change issues.