5695

[datart]

it is 2/7 and form 5695 is not giving me a deduction for our pella windows...when is this going to updated in turbotax so i can get the deduction

[mesquitebean]

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@ datart wrote:
5695

it is 2/7 and form 5695 is not giving me a deduction for our pella windows...when is this going to updated in turbotax so i can get the deduction

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The Form 5695 is supposed to become available sometime on 2/07/2024.   It can occur at any time that date.  But in desktop TurboTax, however, it won't necessarily show up the minute it is released.  Most routine weekly updates in the desktop product occur on Wednesday night to early Thursday mornings.   So if not during the day, then hopefully an update with the form will come across sometime Wednesday night.   You can use the table in the link below to watch for its availability.   When it's released, there will be a green checkmark in the table.    But again, you may have to wait until the desktop product routinely updates overnight on Wednesday.   It's also possible, as has happened before, that a form may still be further delayed, kinda like watching the arrivals/departures screen at the airport.  But, hopefully, this one will be released in this week's update as scheduled.

Forms Availability Table

[crayolapack]

I've been waiting for this form to be updated on my desktop Turbotax software all week.  Why must we wait so long when the 2023 form 5695 is available on the IRS website?  You can clearly see that it's updated.  chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.irs.gov/pub/irs-pdf/f5695.pdf  

This stuff shouldn't hold individuals from submitting their tax returns early.  I didn't have this issue last year.  Why all of a sudden does TT decide to create this error now?  This is nuts....

[LeticiaF1]

Updates are still being applied to the software. We recommend updating or logging back into your software tomorrow and then proceeding with filing your tax return.

[crayolapack]

It looks like the software FINALLY updated and works now.  Everyone should be good to go!  The update processed after midnight.

[Sandy77]

My TurboTax Desktop software is updated this morning (2/8/2024) with the Form 5695.  However, I do not see any screen where I can enter the dollar amount for a new furnace (installed 2023) which should go on Line 24a of the Form 5695.   When I get to the "Enter your qualified energy property costs" it lists several things, i.e., central air conditioners, water heaters, heat pumps, etc. but NOT furnaces.  Where do I enter the dollar amount for a new furnace so that it will generate a $600 Tax Credit on Line 24b on the Form 5695? 

[DoninGA]

@Sandy77 I see the issue. 

On the page Enter Your Qualified Energy Costs use the box labeled Water boilers for the cost of the furnace.  The box needs to be re-labeled.  If you click on the Learn More link it will describe -

Enter the amounts you paid for a natural gas, propane, or oil furnace or hot water boilers...

That is the correct location to enter the furnace cost as it will flow to the Form 5695 Line 24a for Enter the cost of natural gas, propane, or oil furnace or hot water boilers

[lsh867]

I thought they were supposed to send out emails to let people know the 5695 was ready??

[crayolapack]

Apparently that didn’t happen. We all thought the same thing, that they would email us and notify us that it would be available. All I kept hearing was it would be updated by 2/7/24 and that the update will take overnight until the morning of 2/8/24 to take effect. At least it’s done now and we can all move on with our day. File those taxes! Good luck! 

[DoninGA]

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@crayolapack wrote:

Apparently that didn’t happen. We all thought the same thing, that they would email us and notify us that it would be available. All I kept hearing was it would be updated by 2/7/24 and that the update will take overnight until the morning of 2/8/24 to take effect. At least it’s done now and we can all move on with our day. File those taxes! Good luck! 

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The Form 5695 for tax year 2023 was updated today, 02/08

If you are using the TurboTax desktop CD/Download editions you need to update your software.

Click on Online at the top of the desktop program screen.  Click on Check for Updates

[ctwillia]

I am still not getting the credit for my new windows on Form 5695, anyone else got it to work?

[crayolapack]

You need to update your TT software in order for the form to work. My TT updated about 3X since 2/8. Check for the update again if you haven’t already done so. 

[ctwillia]

no updates available.  looked at the form on YouTube, every box that needs to be checked seems to be checked.  how do i talk to a human?

[DoninGA]

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@ctwillia wrote:

no updates available.  looked at the form on YouTube, every box that needs to be checked seems to be checked.  how do i talk to a human?

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Have gone through the Home Energy Credit section of the program after the 02/08 update?

If you are using the TurboTax online edition or are using the TurboTax desktop editions and you have updated your software to the latest release for the Form 5695, which was on 02/08, and you are not getting a credit for the windows that were installed, then you need to look at your Form 1040 on Line 18.

If Line 18 is zero then you have no tax liability and the credit cannot be used.  The credit is not carried over to the next tax year.

For the desktop editions click on Forms.  When in Forms mode click on your Form 1040 to view Line 18

For the online editions -

Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

[ctwillia]

so i was answering question 6 wrong about "the improvements being related to the construction of the home" - well yeah they are a part of the construction. but apparently they mean "new construction" so no these are renovations.