Tax sleight of hand.

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I'm quite pissed off.

Last fall, my 43-year-old furnace bit the dust and I replaced it with a high-efficiency boiler that set me back $7980.00.

Knowing that there was a $1,500 tax credit, yesterday I eagerly began my 1040.

I learned that you could only take 30% of the cost as a basis for the credit, and that turns out to be $2394. Oh good! That will qualify me for the full $1500, or so I thought.

After laboriously filling out "Form 5695, Residential Energy Credits", my "CREDIT" came out to a lousy $191!

And G.E. pays NO TAXES.

[sinkingfeeling]

1. So your tax liability 'ate' up the $1500?

[unblock]

2. did you have "too many" other credits you used? you may have a carryover to next year

if so, you'll get the rest of the credit in future tax years.