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Level 2

Question

Energy Tax Credit Entry Question

Forum|Forum|3 years ago
January 23, 2023
5 replies
44 views

I had a new HVAC system installed this year. It had 3 parts, the AC Unit, Advanced Fan and the HE Furnace. I have certificates for all 3. The install doesn't show the itemized parts for each unit though.

Do I just take the total, divide by 3 and use that number in all 3 entries?

I also had a roof don't with Energy Star Shingles, so I'll be entering that also.

PattiF

Alumni - Intuit

Yes, you would be able to divide the total cost of the HVAC system that you installed by three to use that number to enter in the tax return. The HE Furnace is probably the most expensive of the three components followed by the AC Unit. You could divide the total cost and place more of the dollar amounts for those two items. Just make sure that the total equals the total on the invoice.

You can enter all of the items including the Energy Star Shingles into TurboTax by following these instructions from DoninGA:

To enter Home Energy Credits -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credit
Click on I'll choose what I work on (if shown)
Under Your Home
On Home Energy Credits, click the start or update button

Or enter energy improvements in the Search box located in the upper right of the program screen. Click on Jump to energy improvements

On the screen Tell Us How Much You Paid for Energy-Saving Improvements, enter the amounts for the unit.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

joebrez73Author

Level 2

Fantastic.

I read the IRS notes and could not make heads or tails out of it. Can I stack credits?

Meaning, I had the HVAC and did the Roof with Energy Star. Looks like Turbo tax does a max of $500 for everything.

joebrez73Author

Level 2

Or does it make more sense to claim one this year and one next year as a carryover?

HVAC 2022

Roof 2023

Energy Tax Credit Entry Question

5 replies

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