Error on Form 5695 Residential Energy Credits

[ksm]

How do I report an error in 2023 TurboTax Deluxe? The credit for insulation on Form 5695, line 18, is not entered and my total credit is incorrect. The program is only giving me a $500 credit instead of the $1,200 maximum. Just want to let someone know the program is wrong so it can be fixed.

[DoninGA]

The IRS has not yet finalized the 2023 Form 5695, Residential Energy Credits.

The Form 5695 for tax year 2023 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...

[ksm]

The final form is now up on the IRS website. (It used to be there and marked Draft. Now it is the final.)

TurboTax has the correct 2023 form in the program, BUT it is not being completed correctly. I entered my expenditure on line 18a, but the amount of the credit is not entered on line 18b. Thus, it never makes its way to lines 27, 28 and 32. Nor to line 5b on Form 1040, Schedule 3.

The entry on Form 1040, Schedule 3, line 5a is also incorrect. It does not match the correct entry on line 15 on Form 5695.

Just looking to inform TurboTax so that they can correct these errors. There doesn't seem to be any way to let them know when there are errors.

[DoninGA]

@ksm As previously stated - The Form 5695 for 2023 in TurboTax will not be available until 01/10/2024.  The Form 5695 and the instructions for Form 5695 have not been finalized in TurboTax.  You will need to be patient.

The IRS Form 5695 Instructions still refer to tax year 2022, so the 2023 instructions have not been finalized by the IRS - https://www.irs.gov/pub/irs-pdf/i5695.pdf

[Critter-3]

All forms must be :

1) efiling specs for each and every form are  issued by the IRS for the tax prep companies (paper forms are ready earlier)

2) tax prep companies must incorporate the specs into the tax programs (this takes time) and send test files to the IRS

3) the IRS confirms the tax program is working correctly (this also takes time)

4) the forms are now ready for efiling 

There are no bugs or program errors to report  until after the estimated date of availability which you can check by either clicking on the REVIEW tab in the program  or  going online here :  https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...

[Rick in Chicago]

As of January 25, 2024,  the residential energy credit for insulation is still calculating wrong at 10% limited to $500, instead of 30% limited to $1,200.    

[DoninGA]

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@Rick in Chicago wrote:

As of January 25, 2024,  the residential energy credit for insulation is still calculating wrong at 10% limited to $500, instead of 30% limited to $1,200.    

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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 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...

[GGFisher]

Thanks for the information about the IRS date for release of 5695.  Makes sense.  I'll wait til Feb 7th.  My expectation is that TurboTax should have alerted users of this within the program so we wouldn't have wasted effort trying to sort out the issue, insert Overrides, etc.  I guess they aren't thinking as users think....

[vgmatthews]

I agree with you.  The form is correct but the calculations are running based on 2022 IRS law.  I cannot calculate my refund for windows installation.  And January 10 has come and gone and Intuit has not provided the update.  

[DoninGA]

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@vgmatthews wrote:

I agree with you.  The form is correct but the calculations are running based on 2022 IRS law.  I cannot calculate my refund for windows installation.  And January 10 has come and gone and Intuit has not provided the update.  

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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...

[timothyz]

I wonder why this keeps getting delayed.  Feels like intuit should spend less on marketing and more on engineering.

[LindaS5247]

This issue should be resolved by February 07, 2024.  Thank you for your patience.

[DoninGA]

@timothyz The IRS has yet to update the Form 5695 instructions for tax year 2023.  Until those instructions have been updated then TurboTax cannot finalize the Form 5695.  As stated the dates are subject to change so even if TurboTax entered the date as Unknown, users will still complain.

IRS website for the Form 5695 Instructions for 2023 Draft Mode - https://www.irs.gov/pub/irs-dft/i5695--dft.pdf

[timothyz]

The 2023 instructions were finalized on January 25th, but it appears that the page was not updated to link to the released instructions until the past couple of days.  2023 Instructions for Form 5695 (irs.gov)  


With that, can we still expect the revised form to be available on the 7th of February?

[DoninGA]

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@timothyz wrote:

The 2023 instructions were finalized on January 25th, but it appears that the page was not updated to link to the released instructions until the past couple of days.  2023 Instructions for Form 5695 (irs.gov)  


With that, can we still expect the revised form to be available on the 7th of February?

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The IRS may have finalized the Form 5695 instructions for tax year 2023 on 01/25/2024 but they did not release the finalized instructions until 01/31/2024.

It will take awhile for the new instructions to be compiled and entered in the TurboTax software.

The Form 5695 is scheduled to be available in TurboTax on 02/07/2024 (subject to change).