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arnoldfb
New Member

I entered $4500 for purchase and installation of a qualified efficient wood stove. Tax credit should be 26% of the full amount.. I got only $300 ???

Refund went up by $300. Should've gone up by $1170.
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2 Replies

I entered $4500 for purchase and installation of a qualified efficient wood stove. Tax credit should be 26% of the full amount.. I got only $300 ???

Are you itemizing each item? I haven’t got any questions about any updates or anything I did to new house (installed installation upstairs and under house, put down new vapor barrier, there was also mold under house that was cleared and sealed) maybe I need to go back thought my questions. I also put two purifiers/ air filters on both HVAC units! 

JillS56
Expert Alumni

I entered $4500 for purchase and installation of a qualified efficient wood stove. Tax credit should be 26% of the full amount.. I got only $300 ???

The IRS made a last-minute change to the Residential Energy Credit.  This change moved stoves using biomass fuel to heat a dwelling from the Non-Business Energy Credit which limits the credit to $500 for lifetime to the Residential Energy Credit which limits the credit to 26% of the costs through 2022.   

 

Unfortunately, because this was a last-minute change Form 5965 is not quite ready.  The TurboTax Forms Availability Help Article shows the expected date of availability as 1/27/22.   Remember this is the anticipated date.   I recommend that you check back after 1/27/2022.   The way to check is to open your return and see if Form 5965 has recalculated the amount of credit or the refund shown should reflect the additional credit.

 

 

Here is a link that talks about the  Energy Tax Credit

 

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