Question

Is anyone else having problems with the Energy-Savings Improvements (specifically for insulation) calculating under 2022 laws 10% and not Inflation Act 30%?

Forum|Forum|2 years ago
January 10, 2024
3 replies
0 views

$4,000+ in insulation is capping out at $400+ (10%) credit instead of full $1,200 (30% to cap) credit

TurboTax Deluxe Online

DoninGA

Employee

The IRS Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax.

The form is currently scheduled to be finalized and available in TurboTax on 01/17/2024 (subject to change)

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

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huskers823Author

Acknowledged that the date was pushed (I appreciate the link you provided), but why is TurboTax so far behind the other softwares in getting this fixed? I don't really want to have to switch and transfer my data, but others have this form properly loaded and accounted for and given a refund I don't want to push past the date the IRS will start accepting returns (Intuit now lists this form availability as 1/31/2024)...may not have the answer but I figured it was worth asking.

DoninGA

Employee

@huskers823 If the other tax preparation companies have Residential Energy Credit Form 5695 finalized, then they have not waited for the IRS to finalize the instructions for the Form 5695.

The IRS instructions for the 5695 are still for tax year 2022 - https://www.irs.gov/pub/irs-pdf/i5695.pdf

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xmasbaby0

Employee

The energy forms are not yet ready.

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.

**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.**

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Opus 17

Employee

There's a new notification sign-up for at least some of the problems with form 5695, although it does not seem to cover all the problems.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-5695/form-5695-excluded-return-filed-february-7-2024/L3KRH9a2o_US_en_US?uid=lsounb0m