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Tax law changes
Thank you - I was able to navigate to this list, but I still don't think the credits are being accurately applied based on the latest legislation and tax guidance.
The FAQ article for this section says "You can get 10% of the cost of energy-efficient building property or $300 (whichever is less) as a tax credit." for energy efficient building property, but the new IRS guidance says these costs are deductible for up to 30% of the cost of each item, for a $3,200 maximum credit. The TurboTax refund seems to max out at $500, which reflects old legislation prior to the Inflation Reduction Act getting passed.
Here's a link to the IRS guidance I'm referencing.
‎February 6, 2023
4:03 PM