Is it possible to turn 12v 50mA solar panel to output 5v 1A?

I want to test my old solar panel to be able to charge my iphone 4

No. If you had a DC to DC converter that was 100% efficient, you could get 5 volts at.12 amps.

Yo can convert the 12V to 5 v
look here:
http://www.powerstream.com/12V-USB-Charger.htm

but you can't increase the wattage

That is: the panel has 12 x.05 = .6 watts
You want to output 6 x 1 = 1.0 watts You can't do that…
what you can do is use the solar panel to charge a 12 volt battery then use that for converting to 5 volts at one amp. Will take more hours to charge than you will get out at 1 amp.

No. 12v at 50mA is a power of 0.6 watts.
piping that into a DC-DC converter, which will lose perhaps 10%, now you have 0.54 watts

At 5 volts that is a current of 0.11 amp.

Impossbile to do this directly. But a little bit of extra circuitry used with a 12v gel-cell would do the trick.

No

The output power can't be greater than the Input power