High Efficiecy Heat Pump Credit

Forum|Forum|2 years ago
January 15, 2024
3 replies
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I purchased a high efficiency heat pump in 2023. The instructions for form 5695, lone 29a indicate I should enter the cost up to 2000.00. The software doesn't seem to have a spot to enter my installation cost for this tax credit using the step by step method. Can you tell me where I am supposed to enter my installation cost to have it show up in Form 5695, line 29a?

Best answer by DoninGA

I tried that. It does not enter the information on line 29a. It actually reduced my energy credit carryover from last year. The turbo tax information for the Efficient Building Energy box indicated a 300.00 max. This heat pump credit is a 2000.00 max credit.

@bluepuli wrote:

I tried that. It does not enter the information on line 29a. It actually reduced my energy credit carryover from last year. The turbo tax information for the Efficient Building Energy box indicated a 300.00 max. This heat pump credit is a 2000.00 max credit.

Understand. I have the same issue on my return. This will all be corrected when the Form 5695 for tax year 2023 becomes available. It is currently scheduled to be available on 01/24/2024 but more than likely it will be available on 01/25/2024 since Thursdays are when TurboTax does software updates. But like everything else that date is subject to change.

xmasbaby0

Employee

Energy forms are not ready yet.

Click Review to see if you are missing some forms needed in order to e-file.

Many federal and state forms are not yet available. Check here for form availability. The dates are subject to change.

Tax form availability tool,

No hurry to e-file since the IRS will not begin to accept/reject 2023 e-files until January 29. And….a state return cannot be accepted until after the IRS accepts your federal return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

bluepuliAuthor

I assume you mean the step by step software will be updated later as in Form view the 2023 version of form 5695 does show up now. Other information is there in its proper line location. What's missing is the place in step by step to input the heat pump info.

DoninGA

Employee

If you are referring to an electric heat pump and not a geo-thermal heat pump -

Qualified energy property is any of the following.
• Certain electric heat pump water heaters; electric heat pumps; central air conditioners; and natural gas, propane, or oil water heaters.

Enter the cost in the box labeled Energy-Efficient Building Property.

Alfred14

I have the same need to claim a cost related to a 2023 heat pump installation, which needs to appear on line 29a of IRS form 5695. When will Turbo be updated to accommodate this transaction so this form can be completed properly? Thank you for any information.

MayaD

Form 5695 Residential Energy Credits won't be available for use in TurboTax before 02/07 /2024.

Tax form availability

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bluepuliAuthor

Form 5695 is now available and the step by step method allows you to enter the cost of high efficiency heat pumps. Max credit is 2000.00.

Finly

I installed an HVAC system that uses a heat pump. Not sure where to report it under Qualified Energy Property Costs. I can report it under HVAC system installed or electric Heat Pump.