I am looking at form 5695 and don't see where there is a $300 cap on heatpumps or where it is only a credit of 10%. where is this in the tax code?

[travis-w-hamel]

It appears that the credit should be 30% or $2,000, which ever is lesser, where does it say 10% or $300 for heat pumps?

[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. 

[travis-w-hamel]

Vanessa, do you know if the update to the Home Energy Credit Section has been completed yet? I reran my taxes this evening, but the credit calculation did not change.

Thank you

[DoninGA]

@travis-w-hamel 

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...