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Energy Credit Carryover

I received an actual payout last year, via tax refund, for my energy credit. It delayed the receipt of the funds because of the credit. Not all was applied to last year, but I was told it would carryover to this year. NOW I'm being told the remaining credit is NOT actually going to be paid to me, but it will go towards offsetting a tax bill. I don't owe any taxes this year. Where is the additional money? 

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7 Replies

Energy Credit Carryover

Who told you this?

Energy Credit Carryover

One of the Turbo Tax employees on the chat. 

Energy Credit Carryover


@phantom14_1978 wrote:

One of the Turbo Tax employees on the chat. 


No one from TurboTax knows if you have taxes owed from a prior tax year.  Have no idea who would have told you that from TurboTax.

 

If you had a credit carryover then you have to enter that amount in the Home Energy Credits section.

Energy Credit Carryover

@DoninGA  The amount is in the energy credit section, and reflected in the "deductions and credits" portion of the site. The only place it's not reflected is in the refund.

AmyC
Employee Tax Expert

Energy Credit Carryover

Please look at your form 5695. Your energy credit is limited by your tax liability and can be carried forward. When you look at line 31, it shows the limitation based on your tax liability. Line 32 shows the credit allowed.

 

Do you see: 

  1. numbers on your form 5695 for credit? 
  2. Do you have a tax liability showing on line 31? 
  3. Anything on line 32?
  4. The amount on line 32 goes to sch 3, line 5b. Do you see it listed there? 
  5. That number goes to the 1040, line 20, anything there?
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Energy Credit Carryover

@AmyC I can't see the form 5695. 

JotikaT2
Employee Tax Expert

Energy Credit Carryover

Follow the steps in this link to download your 2023 tax return.  

 

You will then be able to refer to AmyC's instructions above (and locate the amounts on your 2023 tax return) to determine if you have a carryforward that should be included on your 2024 tax return. 

 

If there are any carryforwards and they are not pulling into your 2024 return, you can manually enter the carryforward amount to ensure the credit is applied to any current year tax liability.  

 

To enter your carryforward, follow the steps in this link to get to get to the energy credit input section of the program. 

 

Once you are in the credit input area, scroll down to the bottom of the page titled "Energy Efficient Home Improvements."  Under the highlighted section that asks "Did you make energy efficient improvements in 2024 or have a carryforward from 2023?" select yes.

 

 

Proceed to answer the questions as applicable until you see a screen titled "Do You Have a 2023 Home Energy Credit to Carryforward?"  Select Yes, I had a credit carryforward.  Another box will populate asking you to enter that carryforward amount.  Enter that amount here and the credit will be included on your 2024 tax return.  

 

 

Select continue to proceed with your return.
 

 

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