Form 5695 - Amount You Paid vs. Total Paid

Forum|Forum|1 year ago
February 7, 2025
1 reply
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TurboTax Deluxe is asking to divide qualified energy property costs into Amount You Paid vs. Total Paid.

Is this referring to the amount paid after rebates vs. the amount that would have been paid before rebates? Or something else? There's usually a little question mark in Turbotax to get more info but the "Enter your qualified energy property costs" page didn't have it.

Thanks.

DawnC

Employee

No, it has to do with joint occupancy, sharing your home with others who may qualify for the credit. If you occupied your home jointly with someone, each occupant must complete their own Form 5695. If the aggregate credit that would be allowed to all occupants for any item of property exceeds the credit limit here, then you must figure your allocable share of the credit from each property.

The credit allocable to you is the credit limit for that property multiplied by a fraction. The numerator is the amount you paid and the denominator is the total amount paid by you and all other occupants.

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