IRS Form 5695

Forum|Forum|6 years ago
January 13, 2020
4 replies
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This link says the nonbusiness energy property tax credit is extended for 2019. https://turbotax.intuit.com/tax-tips/going-green/what-is-the-irs-form-5695/L9D6ARQ0p

I can't find any reference to the extender on the IRS website or any news site. The most recent copy of the form from the IRS does not have the credit. Anybody know if this information is true?

Credit

Best answer by

TT link mistates the case. the credit expired in 2017. it has not been renewed. Congress could in 2020 retroactively reinstate it, but no one knows if it will.

AmyC

Level 15

The IRS website for Legislative Impact on Tax Forms sends you to the Finance Committee. The current form 5695 is still showing reserved with no recent developments at this time. The Finance Committee website has a legislation section you can follow. Last year it was not extended until Feb 9 and is expected to be passed later again this year.

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Missclawdy02

Level 2

Hello,

I wondered if I should wait to complete my filing until IRS Form 5695 is available on/after Jan. 29? I have requested to be emailed when it is available.

I didn't want to proceed with filing tonight if it would resort to me losing my chance to see if I might qualify for a credit after having installed a new metal roof in 2019, or require an amendment.

Thank you for any advice you might have,

Lacy

Anonymous

Answer

TT link mistates the case. the credit expired in 2017. it has not been renewed. Congress could in 2020 retroactively reinstate it, but no one knows if it will.

JotikaT2

Employee Tax Expert

These are 2 different credits on the same form.

The "Nonbusiness energy property credit" has been extended.

The "Residential Energy Efficient Property Credit" is still available.

As mentioned previously, the Residential Energy Efficient Property Credit is 30% of qualified costs comprised of the following:

Solar electric property
Solar water heating property
Small wind energy property
Geothermal heat pump property
Fuel cell property

I have attached a list to the latest instructions available on the IRS website today.

Residential Energy Credit Instructions

Form 5695 is scheduled to be released within the TurboTax program on January 29, 2020.

Form release dates

[Edited on 01/31/20|6:37pm PST]

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AurifierAuthor

Level 2

Since the nonbusiness energy property tax credit is expired, any chance someone from TurboTax could fix the lie in the linked FAQ?

DoninGA

Level 15

@Aurifier wrote:

Since the nonbusiness energy property tax credit is expired, any chance someone from TurboTax could fix the lie in the linked FAQ?

There is no lie in the FAQ. The Nonbusiness Energy Property Tax Credit was renewed through tax year 2019 by Congress in the Spending Bill signed by the President in December 2019.

https://ttlc.intuit.com/community/credits-and-deductions/help/can-i-claim-energy-efficient-appliances-or-energy-saving-home-improvements/00/25788

ruzicka

Level 2

I was able to apply my 30% tax credit, using the Form 5695 on TurboTax. So it obviously was still active for 2019. I had heard that it goes down to 20%, or something like that for 2020.