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Biomass Credit Not Working Right in 2021 Desktop Premier

@Hal_Al 

 

Could you please poke the moderators to take a look at this one and get it fixed.

 

The Biomass Fuel Property credit is a new 26% one this year.

The form 5695 is "supposedly" ready,  and entering a $10,000 Biomass install works properly in the "Online" Premier software...gives a 2600 credit as long as one has a sufficient liability to use it.

 

BUT, the desktop software, Premier (checked for updates again this morning too) doesn't.  The recent interview has added a Biomass entry line on the page with the Solar Credits....I put in  $10,000 there, but ended up with no credit, even though I had plenty of Fed Tax liability to use it.

 

Checking the form 5695 itself  (below), I see my 10,000 in line D, but it doesn't transfer to line 5 of the form 5695...thus no credit. 

If you put  $10,000 into line A for a Solar Electric credit, the 10k transfers to line 1, and a $2600 credit appears.

 

( If needed, Diagnostic Token:  905933 )

 

__________________________________________________

Biomass_Desktop.png

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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4 Replies
Hal_Al
Level 15

Biomass Credit Not Working Right in 2021 Desktop Premier

@SteamTrain 

From SuziM:

Just wanted to let you know that I did see this and I'm working on recreating the issue.

SuziM
Moderator

Biomass Credit Not Working Right in 2021 Desktop Premier

Hi @SteamTrain, I was unable to recreate this issue in Home & Business or Premier. Both resulted in line 5 being populated and the credit applied. 

Biomass Credit Not Working Right in 2021 Desktop Premier

Did someone try/use my diagnostic file?

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Biomass Credit Not Working Right in 2021 Desktop Premier

@SuziM   @Hal_Al 

 

OK, on a flying absolute guess, I got it to work.

 

What I did is go to Forms Mode and delete the form 5695 entirely.

Then went back to the interview, restarted the Home Energy Credits to put in the Biomass Fuel Property $ again.  That applied the Credit with $$ in proper liens on the form 5695.

 

IT should be noted that the file I was using, already contained a form 5695 energy credit for some other reason (don't recall now what I had in it).

_________________________

From this experience, for those using the Desktop software....and having the same problem, it could very well be that they had already created the 5695 form prior to TTX adding in the Biomass Q&A.    I don't know if this might also happen with the "Online" software.  A number of people were complaining about the Biomass Credit from the Online software before TTX had updated the software to put it in the proper place....so they may encounter the same problem.  But I don't think my Online software test file had a 5695 pre-existing when the software was updated...not sure.. 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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