That makes sense now. The ITC comes off the income.
From: RE-wrenches [mailto:[email protected]] On Behalf Of Kristopher Schmid Sent: Friday, March 27, 2015 11:33 AM To: RE-wrenches Subject: Re: [RE-wrenches] ITC 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 <http://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 <http://www.legacysolar.com/> 715-653-4295 NABCEP Certified PV Installer Licensed Wisconsin Master Electrician BSEE
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