Question

2023 Form 5695 in Turbotax incorrectly assigning maximum 500 credit for heat pumps, should be 2000

Forum|Forum|2 years ago
February 27, 2024
1 reply
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When the updated 5695 in Turbotax was first released in early February, I correctly received the 2000 max credit for heat pumps. However it appears that an update since then (I am now checking at end of February) has changed the max credit for heat pumps to 500. Is this a known issue and is it being addressed in a future update?

C

Cynthiad66

This should be corrected in the next update. Please let us know if you can e-file.

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A

arnoldparkAuthor

Thank you - is there any expected timing for this update?

A

arnoldparkAuthor

When I look at the 5695 form details in turbotax, I found the error in the 5695 Joint Occupant Residential Energy Costs worksheet. For heat pumps/biomass stoves, the "total maximum eligible costs for column (b) of lines 9-11" should be 6,667, NOT 1,667 as currently in the worksheet. The current 1,667 leads to a max credit of 1,667 x 0.3 = 500 instead of the correct 6,667 x 0.3 = 2000 credit.

When I incorrectly say I don't jointly own the home, the correct credit of 2000 appears, since it bypasses this incorrect joint occupant worksheet.
Can this be corrected?