topic Re: I am in Oregon & purchased a heatpump last year and I entered that I paid ~$6k for my heat pu... in Deductions & credits

I am in Oregon & purchased a heatpump last year and I entered that I paid ~$6k for my heat pump and install but it's only giving me a $300 credit. I thought it was $2k?

jsh347 — Tue, 10 Feb 2026 09:38:38 GMT

Re: I am in Oregon & purchased a heatpump last year and I entered that I paid ~$6k for my heat pump and install but it's only giving me a $300 credit. I thought it was $2k?

xmasbaby0 — Tue, 23 Jan 2024 19:26:20 GMT

Click Review to see if you are missing some forms needed in order to e-file.

Many federal and state forms are not yet available. Check here for form availability. The dates are subject to change.

No hurry to e-file since the IRS will not begin to accept/reject 2023 e-files until January 29. And….a state return cannot be accepted until after the IRS accepts your federal return.

Re: I am in Oregon & purchased a heatpump last year and I entered that I paid ~$6k for my heat pu...

Vanessa A — Tue, 23 Jan 2024 20:49:05 GMT

Are you referring to the state or federal credit.

As mentioned above, the home energy section is not quite updated yet. A release is scheduled for January 24th.

However, if you are referring to federal there are a few things to remember.

The home energy credits are non-refundable credits. If it was NOT a geothermal heat pump, it falls under the Energy Efficient Home Improvement Credit. This means, your credit is limited to your tax liability. If your tax liability is only $300, your credit will be limited to $300.
The credit is worth 30% of what you paid UP TO $2,000. So if you paid $6,000 even for the heat pump, you would qualify for a credit of $1,800, not $2,000
The Home Improvement Energy Credit is not able to be carried forward, so if you do not qualify to get the entire thing in the year it is installed, you lose the credit.
If it is a Geothermal Heat Pump, it would qualify for the Residential energy Credit. This credit again is worth up to 30%, and is non refundable, however, it can be carried forward to future years to reduce your tax liability if you cannot use it all this year. There is no limit on how much you can claim for the Residential Energy Credit like there is on the Energy Efficient Home Improvement Credit.

If you are talking about the Oregon Heat Pump Credit, this may also be an update issue, so it is best to wait a few more days for the updates to take place. As it is possible that you could qualify for both a federal and state credit for the heat pump. TurboTax, once updated, will guide you through and give you the most credits you qualify for.

Re: I am in Oregon & purchased a heatpump last year and I entered that I paid ~$6k for my heat pu...

SteamTrain — Tue, 23 Jan 2024 21:35:50 GMT

The Forms tool I see, it has 31 Jan at the date for availability for the form 5695...but I guess you "might" have inside information:

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