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Energy savings deduction not showing in TT

Forum|Forum|6 years ago
June 6, 2019
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It is being said in the forum that tax benefits for installing certain energy saving devices can't be deducted in 2017. Example, I installed a tankless water heater that used to qualify. Per this article this is not the case and they can be deducted. What is the truth and if can when can we expect updates to TT as I have just filed. http://www.chicagotribune.com/classified/realestate/ct-re-0225-kenneth-harney-20180220-story.html

TurboTax Deluxe Windows

Best answer by DoninGA

Since the spending bill with the tax extenders has just been passed and signed into law, both the IRS and tax preparation software companies have to change various forms, schedules, worksheets and calculations to conform with the extenders in the bill. It will be several weeks before anything is finalized at the IRS and with the TurboTax software which must also be approved by the IRS after they have completed their own system configurations.

Go to this IRS website for information - https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions

See this TurboTax support FAQ for information - https://ttlc.intuit.com/questions/4241639-tax-relief-the-bipartisan-budget-act-of-2018

DoninGAAnswer

Employee

Since the spending bill with the tax extenders has just been passed and signed into law, both the IRS and tax preparation software companies have to change various forms, schedules, worksheets and calculations to conform with the extenders in the bill. It will be several weeks before anything is finalized at the IRS and with the TurboTax software which must also be approved by the IRS after they have completed their own system configurations.

Go to this IRS website for information - https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions

See this TurboTax support FAQ for information - https://ttlc.intuit.com/questions/4241639-tax-relief-the-bipartisan-budget-act-of-2018