It seems Turbotax 2023 still enforces the $500 lifetime limit for home energy tax credits. When will it be updated to reflect the new law removing that limit?

Forum|Forum|2 years ago
November 23, 2023
3 replies
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Per this article, TurboTax is aware of the change but the logic in the 2023 version has not caught up. https://turbotax.intuit.com/tax-tips/going-green/what-is-the-irs-form-5695/L9D6ARQ0p

TurboTax Online

Best answer by DoninGA

IRS Form 5695,Residential Energy Credits for tax year 2023 is scheduled to be finalized and available on 01/10/2024.

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

DoninGAAnswer

Employee

IRS Form 5695,Residential Energy Credits for tax year 2023 is scheduled to be finalized and available on 01/10/2024.

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

demoll77Author

Thanks!!

NB Dude

I saw the date slips as well. The IRS website has the form for 2023, but the Instructions are the hold-up, as the 2023 version is still "in draft". So thinking maybe TurboTax can't do their thing until the IRS gets their house in order.

LindaS5247

Please check back for updates in TurboTax. When you open your TurboTax program, run all updates available. This issue should be resolved soon.

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Caemlf2019

Home Energy Credit for energy efficient Air Conditioner should be 30% or $600 and TurboTax says $300 and then says it has to do with income. The credits have nothing to do with income.

It says that Form 5695 won’t be available until February 7, 2024.

I sure hope TurboTax is not allowing any returns to be made that have Form 5695 involved as they will all be wrong. If someone doesn’t already know about taxes and follows TurboTax, they will have to file an amended return later.

Smillon

Did this energy credit actually get fixed/updated? It’s February 7 and I don’t see the correction yet.

now I see the schedule shows February 8

demoll77Author

It works this morning. I updated my TurboTax software and the form is ready now, but I had to go through the Energy Efficient Home Improvement Credit dialogue again and re-enter my information. Once I did, it worked as expected.