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Tax form for Powerwalls

Tax form for Powerwalls

Do I need a special form when filing my taxes? My wife looked briefly and didn’t see a spot to add the Powerwall.

gregbrew | 04. Februar 2020

2019 Federal Form 5695

Google is your friend.

charlesj | 06. Februar 2020

Check for solar tax credit. Battery is part of that form.

smaches | 07. Februar 2020

Important safety tip: Remember that you must have some sort of tax liability to absorb/use the credit. If you planned your work, and worked your plan to be debt free at retirement like I am, this tax credit is worthless. I rolled mine from 2018 to 2019 and because I didn't go to Vegas or a local Casino and win bigly, I have nothing to claim and again, cannot use the 'credit.'
Good Luck

gregbrew | 07. Februar 2020

It's one thing to be "debt free", but it sounds like you are "taxable income" free, or at least you don't have enough taxable income to generate a tax liability more than the credit. If some of your wealth is in a traditional IRA or 401k, you could do a Roth conversion of an amount that generates a tax liability matching the credit. That way, the conversion would essentially be untaxed.