Deduction for heat pump and heat pump water heater

[clcotner]

I'm using TurboTAX 2023.   I can enter the total for my "energy efficient building" expenses.   However, it never lets me enter the costs for the heat pump HVAV system or my heat pump water heater (both installed in  2023).  If I go to Forms, I can see where the expenses should be entered, but it won't let me type into those fields.  What am I missing?

[Bsch4477]

Many forms have not yet been approved by the IRS.  You can’t file until late January so check back shortly before that time to address that credit. 

[DoninGA]

The Form 5695, Residential Energy Credits has not been finalized by the IRS.  

The form is scheduled to be available in TurboTax on 01/10/2024.

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

Qualified energy property is any of the following.
• Certain electric heat pump water heaters; electric heat pumps; central air conditioners; and natural gas, propane, or oil water heaters.

Enter the cost in the box labeled Energy-Efficient Building Property.

[clcotner]

Thais exactly what I did, but it doesn't lead to any further dialog that lets you split out the heat pump HVAC expenses versus the heat pump water heater expenses.  Both of  those fields in  the form are blank, so the number you enter for energy efficient building doesn't cause any change in your tax liability.

[Critter-3]

OK ... again the program is NOT YET fully functional and will not be until mid to late January so you will have to wait for the program updates for that section of the program to work correctly.  It is nothing you did or could do at this time ... patience will be needed. 

[dcdeland]

The information on this box still has the old 2022 tax credits.  For everything in this box it says 10% or up to $300 which is wrong for 2023.  The new heat pump tax credits are 30% up to $2,000.  Hopefully, this is all fixed soon.  According to the DOE this information is included 5695 form and this seems like a turbotax is behind the ball on these changes

[DoninGA]

@dcdeland 

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

The form is scheduled to be available in TurboTax on 01/10/2024.

[ccolledge]

It does not appear that the Form 5695, Residential Energy Credits for tax year 2023 was updated yet to reflect the 30% credit up to $2,000.00 on qualified heat pumps.  TurboTax indicated the finalized update would be available on 01/10/2024, but this morning's updates did not include those revisions to form 5695.  There doesn't appear to be an ability to enter line 29a on form 5695 for 2023 where you are asked to enter the cost of electric or natural gas heat pumps.  Am I missing something?  Thanks

[dcdeland]

Looks like the latest on the form update is 1/17. Should be available by then 

[ericmatthewsjr]

Yeah, just input information for heat pump water heater and heat pump hvac unit and it doesn't give me the 30% credit up to $2000, still says limit up to $500. As of 1-15-24 doesn't look like it is updated.

[AmyC]

You can check form availability here. Also, you can keep up with the rules here.

@ericmatthewsjr 

[dcdeland]

Turbo tax keeps pushing it back. Was 1/10 than 1/17 and now 1/24. The form 5695 is already updated by EPA and available for 2023. Turbo tax does not create the forms. This is turbo tax dragging their feet on something that was in place and updated by EPA months ago. 

[DoninGA]

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@dcdeland wrote:

Turbo tax keeps pushing it back. Was 1/10 than 1/17 and now 1/24. The form 5695 is already updated by EPA and available for 2023. Turbo tax does not create the forms. This is turbo tax dragging their feet on something that was in place and updated by EPA months ago. 

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Not until the IRS has finalized the instructions and calculations for tax year 2023 can TurboTax finalize the Form 5695 for tax year 2023.

The IRS Instructions for Form 5695 are still for tax year 2022 - https://www.irs.gov/pub/irs-pdf/i5695.pdf

[halwilkerson]

In my updated 2023 TurboTax as of Feb. 4, 2024, the Form 5695 data entry still does not calculate the full $2000 deduction for heat pump even though the official IRS form has the data entry in it (see Line 29a on IRS Form 5695, at https://www.irs.gov/pub/irs-pdf/f5695.pdf).

When will TurboTax be updated to include the correct heat pump entry?  This is currently preventing filing my taxes!

[DoninGA]

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@halwilkerson wrote:

In my updated 2023 TurboTax as of Feb. 4, 2024, the Form 5695 data entry still does not calculate the full $2000 deduction for heat pump even though the official IRS form has the data entry in it (see Line 29a on IRS Form 5695, at https://www.irs.gov/pub/irs-pdf/f5695.pdf).

When will TurboTax be updated to include the correct heat pump entry?  This is currently preventing filing my taxes!

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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 02/07/2024 (subject to change).

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