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Form 5695 Tax Credit (Limited to $300)

In 2023 we bought an AC unit which qualifies for the $600 Home Energy Credit; however, when I enter the details in, TurboTax Deluxe Desktop 2023 edition is limiting the credit to $300.  From what I understood it was 30% up to $600 per item.  What am I missing?

 

https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit

 

Residential energy property that meets the Consortium for Energy Efficiency (CEE) highest efficiency tier, not including any advanced tier, in effect at the beginning of the year when the property is installed qualifies for a credit up to $600 per item. Costs may include labor for installation.

Qualified property includes new:

  • Central air conditioners
  • Natural gas, propane, or oil water heaters
  • Natural gas, propane, or oil furnaces and hot water boilers
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Form 5695 Tax Credit (Limited to $300)

  Click Review to see if you are missing some forms needed in order to e-file.

 

Many federal and state forms are not yet available.  Check here for form availability. The dates are subject to change.

 

Tax form availability tool,

 

No hurry to e-file since the IRS will not begin to accept/reject 2023 e-files until January 29.   And….a state return cannot be accepted until after the IRS accepts your federal return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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