Home Energy Credit

[Bsak]

I am trying to get credit for installation of an electric heat pump. I was told there is a up to 30% credit or $2000(which ever comes first). When entering the information under Energy-Efficient Building Property, it is staying up to 10% only? Am I entering in wrong field?

[xmasbaby0]

Maybe you are waiting for some forms.  Click Review to see if you are missing some forms needed in order to e-file.

Many federal and state forms are not yet available.  Check here for form availability. The dates are subject to change.

Tax form availability tool,

No hurry to e-file since the IRS will not begin to accept/reject 2023 e-files until January 29.   And….a state return cannot be accepted until after the IRS accepts your federal return.

[VolvoGirl]

The Form 5695 is scheduled to be available in TurboTax on 01/31/2024 (subject to change).  Keep checking back.  

[Retired In Florida]

Now it's Feb 7th.  They keep pushing it back.  IRS website has had it since December

[xmasbaby0]

@Retired In Florida Yes....but "IRS web site" is not the same as IRS has it formatted and approved for use in tax software.  

[Bsak]

So are you stating it should be loaded then?

[xmasbaby0]

Should be.  Check back on the date the schedule says.  The dates are subject to change.

[DawnC]

 You can check this link to access the Forms Availability Tool to see if and when forms are available.    Form 5695 is used to figure and claim the residential energy credits.

If you made energy-efficient improvements to your home like energy-saving roofs, windows, skylights, and doors, you may be able to claim the  Energy Efficient Home Improvement Credit for 30% of amounts paid for qualified energy efficiency improvements, up to an annual cap of $1,200, or fixed-dollar amounts ranging from $150 to $600 for energy-efficient property, including:

• Central air conditioners
• Water heaters
• Home energy audits
• Doors and windows

These items have an annual cap of up to $2,000:

• Qualified heat pumps
• Biomass boilers
• Biomass stoves

[Retired In Florida]

No.

[Retired In Florida]

Well, the "IRS WEBSITE" AKA IRS.GOV certainly does have the form.  What it does NOT have, is the INSTRUCTIONS which is what the holdup is.  If the "IRS WEBSITE" has the form you can be sure other electronic filing software does as well ready for electronic filing.  The holdup are the 2023 instructions according to support on 2 other softwares.  

https://www.irs.gov/pub/irs-pdf/f5695.pdf

https://www.irs.gov/prior-year-forms-and-instructions?find=5695&items_per_page=200&order=prior_year_...

[DawnC]

That is true - - the IRS has not published the current year instructions which are necessary to code the forms.   The IRS still has instructions for Tax Year 2022.

Instructions for Form 5695

@Retired In Florida   If you have already paid for TurboTax, you are locked in at the early season rates no matter when the form is ready and you file.  

[Retired In Florida]

@DawnC    Sorry, I have no idea what the comment you made to me copied below means or is referring to.

  If you have already paid for TurboTax, you are locked in at the early season rates no matter when the form is ready and you file.  

[VolvoGirl]

It means if you already paid the Turbo Tax fees they wont be increased later.  The price is determined at the time you file or print or pay.  There will be a price increase on March 1 and the early prices will expire.  You can pay early to lock in the early price.

[bjbreining]

but it is going to be no earlier than Feb 7th now

[bjbreining]

that was last year's credits. They added things this year including electric heat pumps which many of us are waiting for Turbo Tax to add. It is listed on the first page of the energy credits, but nowhere in the section as it progresses.