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fesemagu
Level 3
February 10, 2023
Solved

Residential Energy credit

  • February 10, 2023
  • 2 replies
  • 18 views

A taxpayer has a residential energy credit of $14,233.00. His tax liability is $9,523.00.

Will the energy credit balance be a carryover to the next tax season? If it is, will the tax program automatically calculate it for the taxpayer next year?

This topic has been closed for replies.
Best answer by taxes96786

It will carryover until used up. The program will carry it over but I would review the form each year just to be sure it is correct.

2 replies

BobKamman
BobKamman
Level 15
February 10, 2023

What number do you see on Line 16 of the Form 5695?

    T
    The-Tax-Lady
    Level 8
    February 11, 2023

    @BobKamman 

    That was a great letter to Mr. Rettig, which I saw on Procedurally Taxing, and it must have lit the fire under somebody at the IRS, considering the actual guidance they issued in record time.

    Great work, thanks👏

      T
      taxes96786Answer
      Level 8
      February 11, 2023

      It will carryover until used up. The program will carry it over but I would review the form each year just to be sure it is correct.

        F
        fesemaguAuthor
        Level 3
        February 11, 2023

        Thanks for the quick response.

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