Fed Geo Credit Valid for Tax Year 17?

Discussion in 'Tax Credits, Rebates and Incentives' started by Kone, Feb 13, 2018.

  1. Kone

    Kone New Member

    Does anyone know if the (now expanded) 30% fed tax credit is valid for tax year 17? i.e. tax returns submitted on/prior to 4/15/18. Can’t find it stated specifically. It appears that form 5695 on IRS.gov has NOT been updated for Geo but maybe it’s just taking a while for it to be done. Thanks
  2. ChrisJ

    ChrisJ Active Member Forum Leader

    Yes it is retroactive to Jan 1 2017
  3. Kone

    Kone New Member

    Thanks. My question wasn’t clear. I know it’s retroactive but I want to know if it can it be claimed for tax year 2017?
  4. ChrisJ

    ChrisJ Active Member Forum Leader

    Yes it can, It's like it was never gone. Ended 12/31/16, started back up on 1/1/17. So if you install was in 2017 you claim it with you taxes for last year.

    On the form there is probably a renewable energy tax credit line which could be used for solar or Geo.
  5. Kone

    Kone New Member

    Thanks again. That’s my understanding as well however I can’t find anywhere where that’s explicitly spelled out. Also, looking at form 5695 and the instructions on the IRS site the line for Geo still says “reserved for future use”. Maybe I’m missing something or it just hasn’t been updated yet.

  6. reb214

    reb214 New Member

    You can't claim it yet, the IRS hasn't made the changes to accept it or many of the other "tax extenders" that were just voted back into law. The IRS put out a statement saying they would process the changes as quickly as possible and another release would come out as to when they are ready to accept them. For now, if you are impacted by any of the changes you can do two things, 1) You can file the rest of your return as is, and do an amendment - form 1040X - to claim your credit later, or 2) you can delay filing until the forms are ready. I'm opting for waiting, as amendments can take 3-4 months to process, and you can't do direct deposit for their refunds, and it's a general mess. I'm hopeful they get the changes in within a few weeks, and then I'll file. Thanks!
  7. Kone

    Kone New Member

    Great info. Thanks for the update.

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