I am considering purchasing a solar system for my house. I didn't do it last year, because I projected my income tax liability to be less than $1k after the child tax credit due to the fact that I have many children. So it would take quite a few years to recover the ~$10k of tax credit. However, the child tax credit recently became fully refundable. So now I don't know how to calculate how much I could use of the solar tax credit.
IE - if:
- I have a total of $15k in income tax liability for 2022
- My child tax credit is worth $15k
- My total solar credit worth $5k
can I claim them both and get $20k for a return?