Should I amend my return? We installed energy star furnace in 2021. Is it worth amending my return? i.e. will I get any additional refund?

[Cynthiad66]

Yes.  The federal government is offering tax incentives to homeowners and businesses who purchase brand new sustainable energy-efficient appliances. Homeowners who purchase a qualifying home furnace can deduct up to $150 from their taxes.

There are a few things you need to know before you can start the amendment process:

1. To amend your 2021 return, you need to use the same TurboTax account that you used to file your original 2021 return.
   • If you don’t see your 2021 return under Your tax returns & documents on the Tax Home page, you might be in the wrong account. Use our account recovery tool to find all of your accounts.
2. Make sure you really need to amend, and that your 2021 return was accepted in TurboTax or paper-filed through the mail. You can't amend a return that hasn't been filed yet.
3. If you don’t need to amend, and instead want to view, print, or download your 2021 return, follow these instructions.

When you're ready to amend, select your product below and follow the instructions.

TurboTax Online

TurboTax CD/Download

To enter your Residential Energy Credits (Form 5695) in TurboTax Online:

• Open (continue) your tax return in TurboTax Online.
• Click My Account (top right of your screen).
• Click Tools.
• In the pop-up window, click Topic Search.
• In the search bar, type 5695.
• In the topic box, highlight 5695, residential energy credit, then click GO.
• Follow the onscreen instructions to enter your Energy-Saving Home Improvements.

Here’s the form you’ll need to apply for the tax credits: IRS Form 5695: Residential Energy Credits. 

@smt921

[smt921]

Thank you. Just realized that furnace wasn't installed until Jan 2022. So I assume I should file it on my 2022 return? I really appreiate your assitance.  Susan

[DawnC]

Maybe.  You will be able to claim the energy credit on next year's tax return (2022) if Congress extends it.    Currently, the credit is expired.

JANUARY 2021: The  Non-Business Energy Property Tax Credits were retroactively extended from 12/31/2017 through 12/31/2021

Tax Credit:  10% of cost up to $500 or a specific amount from $50-$300.

Expires:  December 31, 2021

Gas furnaces that are ENERGY STAR certified (except those for U.S. South only) meet the requirements for the furnace tax credit.  Gas and oil furnaces that have earned the ENERGY STAR include fans that meet the requirements of the fan tax credit.

Tax Credit Amount:  $150