Home Energy Credit (Insulation Tax Credit) Calculating Incorrectly

Forum|Forum|2 years ago
January 19, 2024
1 reply
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I am trying to claim my new insulation under the Insulation Tax Credit section of the Home Energy Credit. Starting in 2023, the tax credit was increased from 10% (up to a maximum of $500) to 30% (up to a maximum of $1200. However, the TurboTax online software still computes this credit at 10%. I have checked and I am, in fact, filing for 2023 Tax Year, so I am convinced there is an error in the software that is not computing correctly.

2023-2032 Credit info:

https://www.energystar.gov/about/federal_tax_credits/insulation

2022 Credit info:

https://www.energystar.gov/about/federal_tax_credits/federal_tax_credit_archives/2022_tax_credit_information

TurboTax Free Edition Online

Best answer by DoninGA

The Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax.

The Form 5695 is scheduled to be available in TurboTax on 01/31/2024 (subject to change).

Go to his TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...

DoninGAAnswer

Employee

The Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax.

The Form 5695 is scheduled to be available in TurboTax on 01/31/2024 (subject to change).

Go to his TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...

dmkish94Author

Thank you! Why does TurboTax not make this information clear when you are filling out the form? If the form is not available or updated to the correct information, there should be a clear note shown while filling out the form, or the form should not be available until it is complete.

I will check back the beginning of February to see if the values will change to the correct credit.

volter

It took me awhile to realize that this was the issue. Please provide a better way to notify users that this form is not ready yet, rather than an obscure post on your forums.