Deductions & credits

It depends.  The credit is limited to your tax liability and any excess is lost.  Any excess is not carried over to another year. 

The credit available for 2023 through 2032: 

• 30%, up to a maximum of $1,200 (heat pumps, biomass stoves and boilers have a separate annual credit limit of $2,000), no lifetime limit.

Check your Form 1040, Line 20 and Schedule 3, Line 5b using the steps below.

1. From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)
2. Select Tax Tools 
   
3. On the drop-down select Tools 
4. On the pop-up menu titled “Tools Center”, select View Tax Summary 
5. On the left sidebar, select Preview my 1040 

For TurboTax Desktop, change to 'Forms' and review the forms (1040, Schedule 3 and Form 5695). 

@medic5152