Hello! I am reviewing my pdf return before e-filing, and I think there may be an error on Form 5695. In the TurboTax interview software, I entered nearly $8000 for cost of a new biomass stove and its installation in 2023 for my primary residence. However, the Form 5695 generated by TurboTax has a cost of $1667 on Form 5695 line 29c, resulting in a credit of $500, or 30% of the value on line 29c. Since the true cost was nearly $8000 with a 30% value of greater than the maximum credit of $2000 for 2023, I expected to see a credit of $2000 rather than $500.
Might TurboTax be capping the credit to the 2022 lifetime limit of $500 rather than the 2023 annual limit of $2000? Has anyone else experienced this issue? For any TurboTax agents in this forum, I have gone through the 'Share my Return with an Agent' Tool and have a token number 1198396.
Thanks in advance!
The issue you are having is a known issue in TurboTax. Your credit was decreased to $1,667 because you selected that you shared the house with someone else. If this was not a jointly owned home, you can go back and change your answer to say it was not a jointly owned home. Otherwise, you can click here to sign up for notifications when this issue is resolved.
If you did NOT jointly own your home, you can go to forms mode if you are using the desktop version and select Joint Occupant then delete.
The issue you are having is a known issue in TurboTax. Your credit was decreased to $1,667 because you selected that you shared the house with someone else. If this was not a jointly owned home, you can go back and change your answer to say it was not a jointly owned home. Otherwise, you can click here to sign up for notifications when this issue is resolved.
If you did NOT jointly own your home, you can go to forms mode if you are using the desktop version and select Joint Occupant then delete.