I don't see a place to claim these in the 'Home Energy Credits' section of 'Deductions & Credits'. It corresponds to lines 29a and 29b in Form 5695 Part II, Section B (Residential Energy Property Expenditures). The closest line is 'Energy-Efficient Building Property', but this is capped at 10% or $300. There should be a separate credit of 30% or $2,000 for heat pumps.
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...
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...
I asked a similar question late last year ... was told it would be implemented in early Jan and now its Jan 31 ... the IRS form is updated why not TurboTax?
@lreimer74 wrote:
I asked a similar question late last year ... was told it would be implemented in early Jan and now its Jan 31 ... the IRS form is updated why not TurboTax?
The IRS instructions for Form 5695 have not been updated for tax year 2023. Until the IRS has formalized the instructions, TurboTax cannot update their program.
IRS Form 5695 (2022) - https://www.irs.gov/pub/irs-pdf/i5695.pdf
Don't blame TT. The IRS has yet to finalize the form. As of today, the 27th, the 2023 form 5695 is still a draft.
From this it looks like the IRS form is ready.
https://www.irs.gov/pub/irs-pdf/f5695.pdf
only the instructions had a draft watermark.
The form has been ready for a while but the instructions are not. I don't know why the IRS wouldnt update them at the same time, but that's what it is.
Currently, the section for Energy Credits is not available as we work on updates to recent tax law changes. For now, you can work on other sections of your return. When the section is ready, you will be able to find it following the next steps.
See the attached link for form availability dates:
Currently, the section for Energy Credits is not available as we work on updates to recent tax law changes. For now, you can work on other sections of your return. When the section is ready, you will be able to find it following the next steps.
See the attached link for form availability dates:
It is now scheduled to update on 2/7/2024. I have been waiting on this update for over 2 weeks now. I have tried to delete it and it immediately comes back. Now it looks like I will be waiting another week and a 1/2 before I can e-file, if the date doesn't change again SMH.
Currently, the section for Energy Credits is not available as we work on updates to recent tax law changes. For now, you can work on other sections of your return. When the section is ready, you will be able to find it following the next steps.
See the attached link for form availability dates:
The form 5695 looks to be correct but the input questions need to be updated to include the additional energy efficient products. Is that part of the software update??
@rob2266 wrote:
The form 5695 looks to be correct but the input questions need to be updated to include the additional energy efficient products. Is that part of the software update??
Yes, it is.
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...
Starting with Tax Year 2023, the IRS made major changes to the Energy Efficient credits. I noticed when I was doing my TurboTax on 12/30/24 that TurboTax still showed the info for the program that ended on 12/31/22. You can look up the changes on IRS.gov. It seems that the TurboTax program has not been updated to reflect the TaxYear 2023 changes.
This is every year things are pushed back. Even forms that are finalized in November/December, it always takes TurboTax forever to finalize them. And watch next year, this form will stay the same but TurboTax won't have it ready for when filing season begins.
@Jedi4380 wrote:
This is every year things are pushed back. Even forms that are finalized in November/December, it always takes TurboTax forever to finalize them. And watch next year, this form will stay the same but TurboTax won't have it ready for when filing season begins.
TurboTax cannot finalize the Form 5695 for tax year 2023 until the IRS finalizes the Form 5695 Instructions for 2023. The IRS instructions are still in draft mode - https://www.irs.gov/pub/irs-dft/i5695--dft.pdf
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...
This is not a turbo tax problem. The IRS does not have the 2023 instructions finalized yet. Every other tax preparer is having this issue with form 5695.
Intuit is doing itself no favors. Per the link above, it "kicks the can down the road" another week --- to 02/07/2024.
Looks like the instructions are official now, they no longer say draft on them. Hopefully TT gets the update pushed out soon.
Yes, hopefully done in the next few days. But it sounds like there may be a 1040X in my future if the Child Tax Credit expansion passes and less likely but still possible a SALT Deduction expansion.
If the child tax credit law would change for 2023, generally, for those who file before the law is finalized will not need to amend their return. The IRS will make the adjustments for the people who previously filed. So, if the law does pass, the best thing to do is to wait for IRS guidance on whether they will automatically make adjustments or if you will need to amend. For the past several years, they have mostly made the adjustments without people needing to amend.