Energy start gov website and Turbo Tax (https://turbotax.intuit.com/tax-tips/home-ownership/energy-tax-credit-which-home-improvements-qualify/amp/L5rZH56ex) both state I should be claim 30%of project cost - $600 maximum amount credited but when I enter the total amount I paid ($4,500) for the water heater, it says $300. Why am I not getting the $600?
Maybe you are waiting for some forms. Click Review to see if you are missing some forms needed in order to e-file.
Many federal and state forms are not yet available. Check here for form availability. The dates are subject to change.
No hurry to e-file since the IRS will not begin to accept/reject 2023 e-files until January 29. And….a state return cannot be accepted until after the IRS accepts your federal return.
All Illinois forms are available. I’m entering the amount I paid for the water heater under Energy-Efficient Building Property on the 5695, residential energy credit but it’s saying Good News: You qualify for a home energy credit of $300. Everywhere I’m reading it should be $600.
The problem is in the federal tax return, not the state. The energy credits section of TurboTax is not yet ready for filing because it has not yet been updated for 2023. Form 5695 and the interview are tentatively expected to be available February 1. (That date could change.) Try entering the credit again after February 1.
I can wait but the questions and verbiage make it sound like it’s already updated.
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Still not updated. Do you know where we can find the date it’ll be updated? Thank you!
The IRS defines energy-efficient building property as:
You can get 10% of the cost of energy-efficient building property or $300 (whichever is less) as a tax credit.
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...