You may get an energy credit of up to $300 for your qualified air-conditioning system or $50 for an advanced main air circulating fan. You might want to check and see if you entered your air-conditioning system in the right place. An air conditioning system should be entered in the category called Energy Efficient Building Property. (Click the screenshot below for reference.)
The $500 your contractor was referring to is the combined lifetime total limit for the Nonbusiness Energy Property Credit. Your credit may be limited due to your tax liability or because you took an energy credit in a previous year. See IRS Instructions for Form 5695, Residential Energy Credits for more information.
To enter a qualifying energy-efficient air-conditioning system in TurboTax:
- Open (continue) your return in TurboTax Online. (If your return isn't open, you'll need to sign in, and click Take me to my return.)
- Click Tax Tools (lower left side of your screen).
- Select Tools.
- In the pop-up window, select Topic Search.
- In the I'm looking for: box, type 5695.
- In the results box, highlight 5695, residential energy credit, then click GO.
- Follow the onscreen instructions to complete this section. Note: A qualifying air-conditioning system is entered as an Energy Efficient Building Property.
- After you enter the cost of your air-conditioning system and answer the corresponding questions, TurboTax will determine if you qualify for an energy credit.
Note: If using the TurboTax CD/Download software, you'll use the Find function and the "Jump to" link (instead of "Tax Tools") to search for the topic.
Can I claim energy-saving home improvements? https://ttlc.intuit.com/replies/3300639
[Edited 03.18.2018 I 01:48PM PDT]
