Home Energy Credit (Insulation Tax Credit) Calculating Incorrectly?

[jschaefer331]

I am trying to claim my new insulation under the Insulation Tax Credit section of the Home Energy Credit. Starting in 2023, the tax credit was increased from 10% (up to a maximum of $500) to 30% (up to a maximum of $1200. However, the TurboTax online software still computes this credit at 10%. I have checked and I am, in fact, filing for 2023 Tax Year, so I am convinced there is an error in the software that is not computing correctly.

[Vanessa A]

The Home Energy Credit Section of TurboTax is not currently up to date.  A release updating this section is expected on January 31st.  Please come back after that date to enter your Insulation expenses to claim the Home improvement Energy Credit. 

[jschaefer331]

It does not appear an update was complete as it is still only calculating at 10%?

[DoninGA]

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@jschaefer331 wrote:

It does not appear an update was complete as it is still only calculating at 10%?

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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...

[DonC1294]

I also entered the insulation credit and it only calculated at 10%.  The earlier reply said the software would be updated by Jan 31.  Has there been a delay?  Also, even at the 10% credit, the tax owed\refund total did not update to reflect this credit?

[DoninGA]

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@DonC1294 wrote:

I also entered the insulation credit and it only calculated at 10%.  The earlier reply said the software would be updated by Jan 31.  Has there been a delay?  Also, even at the 10% credit, the tax owed\refund total did not update to reflect this credit?

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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...