New electric heat pump in 2023 and Form 5695

[PSM1]

I installed a new electric heat pump in 2023 that qualifies for the new home energy credit of 30% up to $2000.  

I just installed the new Turbotax and began some preliminary work on 2023 tax return.

Form 5695 doesn't have a specific line for a heat pump, so I used the "qualified biomass fuel property" line to enter my cost ($9143).  However, since 30% of my cost is $2743, the form does not limit the credit to $2000 and carries the full amount over into Form 1040, line 20.

Is there something I am not doing correctly about using this form, or is this a calculation update that Turbotax needs to implement? 

[Opus 17]

The first release often only has 2022 forms and calculations.  I think the early release is mainly a marketing ploy to lock in market share.  The tentative date for the updated form 5695 to be released is Jan 10, 2024.

Here is the tool to look up forms availability. 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/irs-forms-availability-table-tu...

[HeatPumpGirl]

The electric heat pump is listed under Energy Efficient Building Property.  But I see the 2022 credit applied to my situation rather than the 2023 credit.

[Opus 17]

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@HeatPumpGirl wrote:

The electric heat pump is listed under Energy Efficient Building Property.  But I see the 2022 credit applied to my situation rather than the 2023 credit.

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Correct.  For 2023 the heat pump is moved to the other section of the credit, and the amount is increased, but the forms in Turbotax haven't been updated.  The expected date is January 10 (not guaranteed).  Double check before you file that everything updated correctly.