Line 29 on Form 5695 - New Heat Pump

Forum|Forum|2 years ago
December 5, 2023
3 replies
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I can't type in a dollar value on line 29 for the cost of my new heat pump. I have answered all of the pertinent questions, but to no avail. Turbo Tax doesn't tell me what I'm doing wrong, nor direct me to fill out another field or form.

Best answer by DoninGA

The IRS has not yet finalized the 2023 Form 5695, Residential Energy Credits.

The Form 5695 is scheduled to be available in TurboTax on 01/10/2024.

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

To enter Home Energy Credits -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credit
Click on I'll choose what I work on (if shown)
Under Your Home
On Home Energy Credits, click the start or update button

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.

DoninGAAnswer

Employee

The IRS has not yet finalized the 2023 Form 5695, Residential Energy Credits.

The Form 5695 is scheduled to be available in TurboTax on 01/10/2024.

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

To enter Home Energy Credits -

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.

bear52Author

Donin,

Thank you! I was able to put in a value with your method (going directly to the form didn't work for me as I stated earlier). However, after going thru your method, Turbo Tax said " We can't get you your credit". Do you believe it is because of your statement "The IRS has not yet finalized the form" ?? Hopefully, that's the case.

Thank you again..

DoninGA

Employee

@bear52 Correct. Since the 2023 TurboTax software has not been updated with the 2023 Form 5695 that would be the reason you are seeing that message. Would not be concerned until after the Form 5695 becomes available.

CW1917

Looks like the update is still not in Turbo Tax.

DoninGA

Employee

@CW1917 wrote:

Looks like the update is still not in Turbo Tax.

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

The Form 5695 for tax year 2023 is scheduled to be available on 01/24/2024 (subject to change)

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

bear52Author

Looks like the new form may be here. I had to update TT and when I opened the form, it no longer says "Do Not
File". So....I'll try it soon to see if it works.

TX for everyone's help.