Rebates for Heat Pump in Maine. — Will there be a line on the federal IRS form?

Forum|Forum|1 year ago
October 30, 2024
1 reply
2 views

No text available

DoninGA

Level 15

You report the cost of the heat pump on IRS Form 5695.

Credits from Form 5695 flow to Schedule 3 Line 5a if for a geothermal heat pump and to Schedule 3 Line 5b for an electric heat pump. These credits then then flow to the federal tax return Form 1040 Line 20.

EikrAuthor

Level 2

Thanks. This helps. But we normally do the short form using Turbo Tax. Will these extra forms (5695 and Schedule 3) mean that we will need to upgrade and pay more to Turbo Tax? Just anticipating what may happen. Please let me know.

DoninGA

Level 15

@Eikr wrote:

Thanks. This helps. But we normally do the short form using Turbo Tax. Will these extra forms (5695 and Schedule 3) mean that we will need to upgrade and pay more to Turbo Tax? Just anticipating what may happen. Please let me know.

There has not been a short form, 1040-EZ or 1040-A since tax year 2017. There is only a Form 1040.

Claiming the Home Energy Credit requires the use of the Deluxe online edition if you will be using TurboTax online.