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webriguez
New Member

How do I enter my information on my solar panels, I am not seeing it anywhere this year?

 
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2 Replies
TomK2023
Expert Alumni

How do I enter my information on my solar panels, I am not seeing it anywhere this year?

A Solar Energy Tax credit is a nonrefundable credit. Solar PV systems installed in 2020 and 2021 are eligible for a 26% tax credit. In August 2022, Congress passed an extension of the ITC, raising it to 30% for the installation of which was between 2022-2032. (Systems installed on or before December 31, 2019 were also eligible for a 30% tax credit.) It will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. The tax credit expires starting in 2035 unless Congress renews it.

 

Note: To claim the Solar Energy Federal Tax credit, you need to complete and attach IRS Form 5695 to your federal tax return.

 

You can enter them like this:

  1. Open or continue your return, if you don't already have it open.
  2. Select the Deductions & Credits tab.
  3. Find the Your Home section.
  4. Select the Start/Revisit button for Home Energy Credits.
  5. On the Energy-Saving Home Improvements screen, answer Yes and Continue. Follow the instructions on the next screens.
    • The first part of the interview covers improvements like doors, windows, furnace, air conditioning, and heat pumps. If you're looking for other improvements like solar, geothermal, wind, and fuel cell, just keep going—we'll ask you about these soon.
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How do I enter my information on my solar panels, I am not seeing it anywhere this year?

To enter Home Energy Credits -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credit
Click on I'll choose what I work on (if shown)
Under Your Home
On Home Energy Credits, click the start or update button

 

Or enter energy improvements in the Search box located in the upper right of the program screen. Click on Jump to energy improvements

 

NOTE -

The Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax.

The Form 5695 is scheduled to be available in TurboTax on 01/31/2024 (subject to change).

Go to his TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...

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