Home energy credit for new HVAC system and insulation

Forum|Forum|2 years ago
November 30, 2023
1 reply
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I purchase a new Home energy credit for new HVAC system and insulation for 8300.00. When I enter information in and at the end it says we can't get you a home energy credit for 2023. Where am I going wrong with getting my credit ?

TurboTax Basic Windows

Best answer by DoninGA

The IRS has not finalized Form 5695, Residential Energy Credit for tax year 2023.

The Form 5695 for tax year 2023 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

DoninGAAnswer

Employee

The IRS has not finalized Form 5695, Residential Energy Credit for tax year 2023.

The Form 5695 for tax year 2023 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

ES99

Does the link in your reply show that on 1-31-24 it is expected the TurboTax Home will correctly calculate a home energy credit under the new Inflation Reduction Act?

Here's the expected behavior:https://blog.turbotax.intuit.com/health-care/inflation-reduction-act-of-2022-52555/

"The Inflation Reduction Act extended the allowed credit up to 10% through December 31, 2022 and increased the Energy Efficient Home Improvement Credit amount up to 30% for qualifying property placed in service on or after January 1, 2023"

...

"The provision also eliminates the lifetime credit limit that was previously in place and limits the credit per taxpayer per year beginning in tax year 2023 (the taxes you file in 2024)."

Turbotax Home is still capping at $0 due to maximum $500 since 2006.