On 03/02/2017 12:53 PM, philo wrote: ...
Well, there are many on SSI who still have tax liability from investment or other income; even SSI itself is taxable above a level so that is certainly a gross over-generalization. Every taxpayer would have to assess their own circumstances.
It is true it is a "non-refundable credit"; that is, the taxpayer can reduce their tax liability to zero with the application of the credit but not below zero. Unused credits from one tax year can, however, be carried over to the subsequent year (and I presume beyond that as well but didn't actually go research the Code itself on that particular point).
I'd not let that be the deciding factor much altho if were applicable,
30% off is 30% off. :) (Again, of course, presuming one does have a tax liability normally.)I would note that unless Congress acts, the Energy Federal Tax Credits for everything other than solar systems (solar how water and photovoltaic systems) expired at end of 2016. Present legislation credits are available at 30% through December 31, 2019, at which time the credit decreases to 26% for tax year 2020; drops to 22% for tax year
2021 then expires December 31, 2021.So, you still have a while to decide before the option were to go away entirely unless the new administration were to decide to rescind the present rules or accelerate the phaseout but it would require new legislation to do so and I've heard nobody pushing for that...there're more pressing areas like repeal of WOTUS and the ACA to get bogged down in trivia such as this.