Line 29 on Form 5695 - New Heat Pump

[ChrisF54]

It,s now Jan 22 and just updated TurboTax Deluxe, but still unable to enter costs for heat pump heater and heat pump water heater. Step by step for Home Energy Credits doesn't provide options for entering these costs, only covers first third or half of 5695. Form 5695 opens under forms but costs can't be entered manually into lines 29a and 29b (Part II section B).  2023 version of 5695 is available from IRS and virtually the same as in TurboTax.

[DoninGA]

@ChrisF54 

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 01/31/2024 (subject to change).

Go to his TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...

[mdav]

I'm glad I finally found this after going around in circles for 30 minutes trying to figure this out. 

Truly pathetic that Intuit still doesn't have this available...

[babyrd55]

For anyone following: Intuit has again changed the availability date, this time to 2/7/24. IRS has issued the form but the instructions are still for 2022. Sure would be nice if Intuit would at least update the form to the 2023 version so we could enter numbers, and do a "best estimate" of the credit while keeping the form on a "Do Not File" basis.

[bear52]

Looks like the new form may be here. I had to update TT and when I opened the form, it no longer says "Do Not 
File". So....I'll try it soon to see if it works. 

TX for everyone's help.

B

[babyrd55]

It is there (Windows/Desktop/Premier) but is only partially functional. Most lines I could not enter numbers normally. All had to be entered via the Override function. Once I did that, the area in lines 18-20 seemed to calculate the credit correctly, and subtract it from my tax due.

Down in line 29a, I could actually enter the amount but TT did not calculate into the total at 29d, which I had to override. It then did not calculate the credit, leaving 29e blank. I overrode that to the $2k amount and line 30 showed what I believe to be the correct maximum, $3,200.

Obviously the overrides would prevent the return from being filed or final printed.

So beware if you are trying to use it, it's there but not functioning correctly and as a result may be giving incorrect amounts. I'd print the form out and walk through it by hand before I relied on it at this point.

[bear52]

Thank you for that info. What to do now??? More to follow, I guess. We can touch base with the experts here. They are a lot of help.

B

[AmyC]

I would like to take a deeper look at this. However, I need a diagnostic file which is a copy of your tax return that has all of your personal information removed. You can send one to me by following the directions below:

TurboTax Online:
Sign into your online account.
Locate the Tax Tools on the left-hand side of the screen. 
A drop-down will appear. Select Tools 
On the pop-up screen, click on “Share my file with agent.”
This will generate a message that a diagnostic file gets sanitized and transmitted to us.
Please provide the Token Number that was generated in the response.

TurboTax Desktop/Download Versions:
Open your return.
Click the Online tab in the black bar across the top of TurboTax and select “Send Tax File to Agent”
This will generate a message that a diagnostic copy will be created. Click on OK and the tax file will be sanitized and transmitted to us.
Please provide the Token Number that was generated in the response.

[babyrd55]

Done. 1177624.

Would you also take a look at the 1099-INT for Wells Fargo. It is complete, there are no form errors or highlighted fields, yet on the left-side bar showing the forms it still reports “Not Done”. There’s another one like this also, that one is just easiest to identify.

Thanks.

[bear52]

Well, I was able to input all the information, and TT did increase my return for the full $2000.00. So, to make a long story short, it worked for me. 

Thanks for everyone's help.

B

[babyrd55]

Amy - I figured it out. If you try to enter directly into the correct spot on the 5695, the field is dead instead of referring you over to the worksheet as most other things do. I deleted the form and reinput the numbers when I realized that there were worksheets there, and those work correctly. (Easier to start over than try to correct the form that I had created.)

I'm a (retired) CPA and am used to working directly in forms. Honestly, I'm not fond of TT's increasing reliance on worksheets, which basically means inputting the same numbers in a different (non-intuitive to me) spot and then TT transfers them, generally exactly the same way, into a line on the form. Sure there are some instances where this helps ensure that all information is there, but inputting $100 on a worksheet only to see it directly transferred to a single line on the form just doesn't make sense. Just enter it on the form...

Would still appreciate it if you could look at the 1099-INT issue also since you have my file. (The ones not marked as estimates, I'm still awaiting some forms on some of them.) I'm unsure what could possibly be happening there - it's just a simple entry on line 1. Otherwise looks like this thread can be closed.

Thanks for your assistance. 🙂

[Getting tired of waiting]

So #5695 was updated and allowed me to receive the $2000 credit for a heat pump.  I efiled and it's sitting in pending for almost 48 hours now.  This is extremely frustrating since it's already efiled and I can't even try another tax software program.  This is the last year for me with Turbo Tax.