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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.
Turbo Tax now says 2/7/24. This is silly.
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.
Got my fingers and toes crossed. I am ready to get my taxes e-filed and done with
As of February 2, the heat pump credit is not handled correctly in Turbo Tax desktop. But I see it in IRS form 5695 line 29.
@POakleaf wrote:
As of February 2, the heat pump credit is not handled correctly in Turbo Tax desktop. But I see it in IRS form 5695 line 29.
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...
Following. I am having the same issue.
US | Form 5695 | Residential Energy Credits | 2024-02-07 | 2024-02-07 |
Will be available on 2-7.
Updated to be available on 2-7-2024. Try back on/after 2-7.
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