During 2024 I paid $ 2,900 for a heat pump water heater, which should receive a 30%, or $ 870 tax credit, but Turbotax is only showing a $ 328 credit - why?
During 2024 I paid $ 2,900 for a heat pump water heater, which should receive a 30%, or $ 870 tax credit, but Turbotax is only showing a $ 328 credit - why?
The credit is up to $2,000 per year for qualified heat pumps, water heaters, biomass stoves or biomass boilers. However, the credit is nonrefundable, so the credit amount you receive can't exceed the amount you owe in tax.