Form 5695

23 replies
202 views

We purchased a new energy efficient central air conditioner and gas furnace in 2020. I am trying to find the correct place on Form 5695 to enter the total amount for the two. The system we purchased is eligible for the maximum tax credit of $500. This is the first time we have applied for that credit. Can anyone tell me where to enter our purchase amount of Turbo Tax form 5695? Thanks for any help provided.

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Opus 17Answer

Level 15

When you are on the energy efficient credit section, the first screen will only ask you about alternative energy sources, such as solar and geothermal power. Click next or continue, and the second screen will ask about insulation, air conditioning and the furnace. The air-conditioning and the furnace are entered on separate lines. The air conditioner is eligible for up to $300, and I believe the furnace is only eligible for up to $150. The credit is 10% of the amount of the appliance. If you are audited, you will need to show something that supports how you allocated the cost between the furnace and the air conditioner. Ideally, your contractor will give you a specific breakdown.

MaryM428

Level 11

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.

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BC0506Author

Level 2

thanks!

O

Opus 17

Answer

Level 15

When you are on the energy efficient credit section, the first screen will only ask you about alternative energy sources, such as solar and geothermal power. Click next or continue, and the second screen will ask about insulation, air conditioning and the furnace. The air-conditioning and the furnace are entered on separate lines. The air conditioner is eligible for up to $300, and I believe the furnace is only eligible for up to $150. The credit is 10% of the amount of the appliance. If you are audited, you will need to show something that supports how you allocated the cost between the furnace and the air conditioner. Ideally, your contractor will give you a specific breakdown.

B

BC0506Author

Level 2

Thanks!

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Cheral

Level 2

Where do I find the place on my 1040 SR to add info for 5695?

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PattiF

Alumni - Intuit

Use Form 5695 to figure and take your residential energy credits.

Login to your account.
Select Federal from the left menu.
Go to Deductions and Credits.
Scroll down to Your Home and click shown more.
Click start next to Home Energy Credits

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

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Bettygrady1

Level 2

Where do I put credit for energy efficient air conditioner

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DianeW777

Alumni - Intuit

Have the cost ready for your HVAC or air conditioner and enter them using the steps provided by our awesome Tax Expert @PattiF, printed here for your convenience. The company who installed it will know if it's a qualifying energy saving unit for tax purposes.