I just looked over my 1040 and indeed the credit is subtracted BEFORE the self employment tax is added in. At first blush, it appears to be the case. If you have enough 1099 income, the tax credit would apply to taxes paid on that income...i think?
On Fri, Mar 27, 2015 at 10:25 AM, Dave <[email protected]> wrote: > Sounds like BS. Earned income is earned income. I am self employed and > have taken the 30% ITC on solar for my own home. > > > > David Palumbo > > Independent Power LLC > > 462 Solar Way Drive > > Hyde Park, VT 05655 > > 802-888-7194 > > > > > > > > *From:* RE-wrenches [mailto:[email protected]] *On > Behalf Of *Kristopher Schmid > *Sent:* Friday, March 27, 2015 11:15 AM > *To:* RE-wrenches > *Subject:* [RE-wrenches] ITC > > > > I have been told by a client who was told by his tax advisor that the 30% > tax credit does not apply to self employment tax. Can anyone confirm or > deny this assertion? > > > -- > > Shine On! > > Kris Schmid > Legacy Solar, LLC > 864 Clam Falls Trail > Frederic, WI 54837 > www.legacysolar.com > 715-653-4295 > NABCEP Certified PV Installer > Licensed Wisconsin Master Electrician > BSEE > > _______________________________________________ > List sponsored by Redwood Alliance > > List Address: [email protected] > > Change listserver email address & settings: > http://lists.re-wrenches.org/options.cgi/re-wrenches-re-wrenches.org > > List-Archive: > http://www.mail-archive.com/[email protected]/maillist.html > > List rules & etiquette: > www.re-wrenches.org/etiquette.htm > > Check out or update participant bios: > www.members.re-wrenches.org > > > -- Shine On! Kris Schmid Legacy Solar, LLC 864 Clam Falls Trail Frederic, WI 54837 www.legacysolar.com 715-653-4295 NABCEP Certified PV Installer Licensed Wisconsin Master Electrician BSEE
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