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December 26, 2023
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Where do I enter the 2023 Heat Pump tax credit for $2000. It mentions Heat Pump under Energy-Efficient Building Property but is capped at 2022 level of $300.

  • December 26, 2023
  • 3 replies
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Best answer by SteamTrain

i.e. wait until late in January, then go thru the energy credits Q&A again to make sure they get into the right place.

 

AND, you will (eventually) need to be clear as to whether it is a Geothermal heat pump, or an Electric  heat pump  (i.e. air source).

 

The Geothermal ones usually go in a later section of the energy Q&A series.

The electric (air source) ones should be in a newer area for "Energy Efficient Home Improvement Credit"........then  "Residential Energy Property Expenditures"

 

....But I have no idea how TTX will eventually arrange the Q&A flow for that section..

3 replies

DoninGA
Employee
December 26, 2023

Form 5695 Residential Energy Credits has not been finalized in TurboTax.

The form is scheduled to be available 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

SteamTrain
Employee
December 26, 2023

i.e. wait until late in January, then go thru the energy credits Q&A again to make sure they get into the right place.

 

AND, you will (eventually) need to be clear as to whether it is a Geothermal heat pump, or an Electric  heat pump  (i.e. air source).

 

The Geothermal ones usually go in a later section of the energy Q&A series.

The electric (air source) ones should be in a newer area for "Energy Efficient Home Improvement Credit"........then  "Residential Energy Property Expenditures"

 

....But I have no idea how TTX will eventually arrange the Q&A flow for that section..

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
January 12, 2024

So it looks like this still isn't updated should we just wait? 

DoninGA
Employee
January 12, 2024

@Rocky1049 wrote:

So it looks like this still isn't updated should we just wait? 


Yes, you will have to wait for the Form 5695 for tax year 2023 to be finalized and available in TurboTax.

The form is currently scheduled to be available on 01/24/2024 (subject to change)