I entered costs for items like exterior door and HVAC for our home but TurboTax says $0 credit is available. This is for 2024 tax year. Thank you.
First look to see if you have tax owed. The Energy Efficient Home Improvement credit is a nonrefundable credit. This means that the credit can only be used to reduce the tax balance but will not increase the refund amount if the tax owed is $0.
Second, review the following requirements provided by the IRS to receive the credit. Per the IRS, "Beginning Jan. 1, 2023, the credit equals 30% of certain qualified expenses, including:
There are limits on the allowable annual credit and on the amount of credit for certain types of qualified expenses. The credit is allowed for qualifying property placed in service on or after Jan. 1, 2023, and before Jan. 1, 2033.
The maximum credit you can claim each year is:
The credit has no lifetime dollar limit. You can claim the maximum annual credit every year that you make eligible improvements or install energy efficient property until 2033. However, beginning in 2025, for each item of qualifying property placed in service, no credit will be allowed unless the item was produced by a qualified manufacturer and the taxpayer reports the PIN for the item on their tax return."
See the link below for more information: