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Turbotax Online or IRS Bug - 5695 Costs wrong on IRS return transcript (values are 100x greater than what Turbotax shows)

I filed my Tax return for 2023 using Turbotax Online (Premium). When I view my 2023 IRS transcript on the irs.gov web site, the Form 5695 Costs for my Furnace Boiler Costs and Panelboard Circuit Costs are incorrect, they are correct on my Turbotax return printout, so I am not sure if the problem is on the Turbotax or IRS side. Thankfully it doesn't affect my return amount or credit amounts, but the values shown in this report solely for these two values are 100x greater than they should, i.e. 4,500. shows as up 450,000.00 and 18,800. shows up as 1,880,000.00.  

 

This is alarming even though thankfully it doesn't cause a financial issue in my tax return.

 

Does anyone know if this is a bug in how Turbotax is reporting this to the IRS or if it's a Bug in the IRS transcript print out only? Not sure if I need to report this problem to Turbotax or to the IRS Directly to get it corrected.

 

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1 Reply
AmyC
Employee Tax Expert

Turbotax Online or IRS Bug - 5695 Costs wrong on IRS return transcript (values are 100x greater than what Turbotax shows)

We did pull the 5695 for changes during this tax season so you may have been affected during the change process. Since there is no effect on your tax return, there is nothing to be done. If there was a tax liability issue, an amended return would be filed. No need to do anything.

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