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February 12, 2024
Question

I got this message when filing for a joint energy saving "We're updating how joint occupancy costs are reported on the tax return based on new tax law changes from IRS."

  • February 12, 2024
  • 1 reply
  • 0 views
When can I file with these updates. My return is on hold until these "updates" are resolved. Please any advise is appreciated

1 reply

DawnC
Employee
February 13, 2024

The update is being done, but there is not a date I can quote - the tax law changes are currently being implemented in the program.    The changes affect only those with expenses spread between joint occupancy taxpayers.   Please note, this does not apply to married couples, and you can change your answers (and e-file) if the joint occupancy rules do not apply.   But if they do apply, please check back later this week or next to check the status.   This is the information that is being incorporated into Form 5695:

 

If you occupied your home jointly with someone other than your spouse, each occupant must complete their own Form 5695.   To figure the credit, the maximum qualifying costs that can be taken into account by all occupants for qualified fuel cell property costs is $1,667 for each one-half kilowatt of capacity of the property.   The amount allocable to you for qualified fuel cell property costs is the lesser of:

 

  • The amount you paid, or
  • The maximum qualifying cost of the property multiplied by a fraction. The numerator is the amount you paid, and the denominator is the total amount paid by you and all other occupants.

 

These rules don't apply to married individuals filing a joint return.

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