Has Turbotax updated for the new IRA tax credits amounts? Its currently still showing a $300 credit for a tankless water heater that which I believe now gets $600 credit

Forum|Forum|2 years ago
January 19, 2024
2 replies
0 views

I recently upgraded my waterheater to tankless and the inflation reduction act increased the credit amounts to $600. Turbo tax is still showing it as $300 unless I am looking in the wrong section of the inputs. See below forinsight.

https://www.energystar.gov/about/federal_tax_credits/tax_credits_homeowners/water_heaters_natural_gas_oil_propane

TurboTax Deluxe Online

X

xmasbaby0

Employee

Click Review to see if you are missing some forms needed in order to e-file.

Many federal and state forms are not yet available. Check here for form availability. The dates are subject to change.

Tax form availability tool,

No hurry to e-file since the IRS will not begin to accept/reject 2023 e-files until January 29. And….a state return cannot be accepted until after the IRS accepts your federal return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

VolvoGirl

Employee

Form 5695 is not ready yet. It still has the old amounts. It is currently scheduled to be available on 01/31/2024. But that date is subject to change.

UPDATE date changed to 1/31/24.