Is the Tax credit for installing a Heat Pump Water Heater $300 or 10% up to $300? Energy star says $300 but Turbo Tax Home Energy credits shows it as 10%

[neilbauns]

Energy star tax credit info @ https://www.energystar.gov/about/federal_tax_credits/non_business_energy_property_tax_credits.

[ErnieS0]

The maximum dollar amount for energy-efficient building property is 10% with a credit limit up to $300. Examples include: electric heat pump water heater, central air conditioner, natural gas, propane, or oil water heater, and a stove that burns biomass fuel to heat your home or heat water.

You may also include the amounts paid for the assembly, preparation and installation of these items.

The Energy Star website shows the maximum credit amount

[AmeliesUncle]

It is $300, not 10%.  Well, I suppose it is 100% of the cost, up to $300, but I can't imagine that it cost you less than $300.

I suspect you are entering it in the wrong place in TurboTax.  Don't enter it as an energy efficient "improvement".  See if you can find the phrase "Energy-efficient building property".

[RobML]

ErnieS0 has it WRONG here... I paid about $2300 for my Rheem Pro Terra Platinum Hybrid heat pump water heater and received the full $300 credit once I found the correct place to enter it in Turbotax: energy-efficient building property.  My Thanks to the contributor who had it right.

[ddc0626]

Shouldn't the credit limit on a qualifying heat pump be $2000, not $300?

https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit

How do you get the full $2000 in TT?  Form 5695 shows the cells where you would want to enter these costs, but they are not editable.

[MayaD]

Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax.

It is is scheduled to be available for use in TurboTax on 02/07/2024