Deduction for heat pump and heat pump water heater

Forum|Forum|2 years ago
December 2, 2023
16 replies
96 views

I'm using TurboTAX 2023. I can enter the total for my "energy efficient building" expenses. However, it never lets me enter the costs for the heat pump HVAV system or my heat pump water heater (both installed in 2023). If I go to Forms, I can see where the expenses should be entered, but it won't let me type into those fields. What am I missing?

Bsch4477

Level 15

Many forms have not yet been approved by the IRS. You can’t file until late January so check back shortly before that time to address that credit.

DoninGA

Level 15

The Form 5695, Residential Energy Credits has not been finalized by the IRS.

The form is scheduled to be available in TurboTax on 01/10/2024.

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

Qualified energy property is any of the following.
• Certain electric heat pump water heaters; electric heat pumps; central air conditioners; and natural gas, propane, or oil water heaters.

Enter the cost in the box labeled Energy-Efficient Building Property.

clcotnerAuthor

Level 2

Thais exactly what I did, but it doesn't lead to any further dialog that lets you split out the heat pump HVAC expenses versus the heat pump water heater expenses. Both of those fields in the form are blank, so the number you enter for energy efficient building doesn't cause any change in your tax liability.

Critter-3

Level 15

OK ... again the program is NOT YET fully functional and will not be until mid to late January so you will have to wait for the program updates for that section of the program to work correctly. It is nothing you did or could do at this time ... patience will be needed.

halwilkerson

Level 2

In my updated 2023 TurboTax as of Feb. 4, 2024, the Form 5695 data entry still does not calculate the full $2000 deduction for heat pump even though the official IRS form has the data entry in it (see Line 29a on IRS Form 5695, at https://www.irs.gov/pub/irs-pdf/f5695.pdf).

When will TurboTax be updated to include the correct heat pump entry? This is currently preventing filing my taxes!

DoninGA

Level 15

@halwilkerson wrote:

In my updated 2023 TurboTax as of Feb. 4, 2024, the Form 5695 data entry still does not calculate the full $2000 deduction for heat pump even though the official IRS form has the data entry in it (see Line 29a on IRS Form 5695, at https://www.irs.gov/pub/irs-pdf/f5695.pdf).

When will TurboTax be updated to include the correct heat pump entry? This is currently preventing filing my taxes!

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

The Form 5695 is scheduled to be available in TurboTax on 02/07/2024 (subject to change).

Go to his TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...