2023 home energy credit for heat pump not calculated properly. only shows $300 credit when it should be 30% of cost up to $2,000

Forum|Forum|2 years ago
January 25, 2024
11 replies
115 views

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TurboTax Deluxe Online

xmasbaby0

Level 15

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

Level 15

Home Energy Credit 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.

gotu123

Level 2

This helps me out as well. I should get 1200 for attic insulation and 450 for a heat pump hybrid hot water heater and turbotax just told me I only qualified for 500!

This is my first year using turbotax (I used taxact for the last 10+ years...) so do I have to redo this section when the new forms come out on jan 31st?

BillM223

Level 15

Often, when there is an update to TurboTax like this, when you reopen TurboTax, the program recalculates the tax and credits without you doing anything else. On occasion, you might have to step through the input screens, not changing anything, for the updated results. Only on rare occasions when the input screens actually change do you need to re-enter anything.

Please note that dates listed for the release of forms are subject to change; indeed, the date for the 5695 has already been reset to 2/7/24 - see here.

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kirine

Level 2

this updated form is still not available. i just got off a lengthy phone call with turbo tax and they did not indicate when this updated form will be available.

Cynthiad66

Alumni - Intuit

This is a known issue and the Form should be released by February 7, 2024. Please try to submit your return after that date.

This link provides updates for Forms Availability

@kirine

[Edited 2/6/2024 | 7:56am PST]

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Salemgirl

Level 2

It's February 22,2024 and this form is still unavailable with no idea of when it will be released. You will think that after all the money we pay to use a "free" service we could get at least the courtesy to know when it will be available and for turbo tax to actually stick to the date instead of constantly changing the date.

davidhopkinsberry

Level 2

It's February 28 and I'm still getting only a $500 credit for installation of a $19k electric heat pump. When will this be fixed so that Turbotax shows the full $2000 credit?