Hello financial experts. I'm investing in renewables despite any credits or tax refunds. But I figure I
should know if I'm going to get any. Without trying to give away too much of my personal finances...
I don't have any W2 income (paycheck) but I do have investment dividend income. My income taxes are relatively low since my lifestyle is relatively simple.
I bought a plug in prius this year. From what I can tell, it will generate about a $4,000 tax credit. I believe that is a non-refundable tax credit. So it will cut my taxes this year and the most it can reduce them is to 0 (no check from the IRS). I also believe this can't be rolled over to next year's taxes. Does anyone know if I have that all correct?
I'm beginning to plan out a
solar electric system for the house. If I do it next year, there's a 30% tax credit from the feds. From what little I've found, that is also a non-refundable credit (lowest my taxes can go is $0) but it sounds like it can be rolled over to ensuing years. Does anyone know if I have that correct? Is there a limit regarding how long I can roll it over?
Thanks for your help/input!