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New Member
posted Jan 29, 2024 1:03:34 PM

How do I fill out 5695 on line to get the credit?

I purchased a new furnace, water heater and air conditioner and need to fill out page 3 pf 5695 and get it included so I can get the credit of 1,200.
How do I do this or do I need a different tax form?

0 2 824
2 Replies
Level 15
Jan 29, 2024 1:09:12 PM

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...

Expert Alumni
Jan 29, 2024 1:09:43 PM

Yes, it is form 5695 that needs to be filed in order to claim the Home Energy Credits. This form is not yet updated in TurboTax.  When it is ready (which is currently expected to be January 31) you will select the following to enter your systems for the credit. 

  • Federal
  • Deductions and Credits
  • I'll Choose what I work on
  • Home Energy Credits which is under the "Your Home" category

The Home Improvement Energy Efficient Credit is a non-refundable credit

  • Worth up to 30% of costs with a maximum credit $2,000 for
    • Air source heat pumps
    • Heat Pump Water Heaters
    • Biomass Stoves or Boilers
  • Worth up to 30% of qualifying costs for a maximum combined total of $1,200 for the following:
    • Doors, Windows and Skylights
    • Insulation
    • Natural Gas, Oil Propane Water Heaters
    • Furnaces
    • Boilers
    • Central Air Conditioners
    • Electrical Panel Upgrades
    • Home Energy Audit (up to $150)
  • You can combine the $2,000 credit with the $1,200 credit for a total of $3,200
  • This credit is a use it or lose it credit.  If you do have enough tax liability in the year you buy and install the item, you will not be able to carry the credit forward.