IRS Form 5695

[Aurifier]

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?

[AmyC]

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.

[Missclawdy02]

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 · Accepted solution]

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.         

[ruzicka]

No, the tax credit has NOT expired.  As of the 1st of the year, the amount of the credit will decrease.  But for 2019, the credit was still 30%.

[JotikaT2]

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]

[Aurifier]

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

[DoninGA · Accepted solution]

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@Aurifier wrote:

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

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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-appliance...

[ruzicka]

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.

[Aurifier]

@ruzicka That's the Residential Energy Efficient Property Credit, for e.g. solar panels. This question is about the non-business energy property credit for e.g. insulation, which is expired.

[Aurifier]

I don't understand, lol! I viewed the actual form when I started this thread and there was no non-business energy property credit, but now I can see that they've updated it.

https://www.irs.gov/forms-pubs/about-form-5695

I guess it just took them a while to update the form. Was the credit not a newsworthy part of the bill, or am I just bad at finding stuff?

[stevej789]

I am completing taxes and have an $8460 credit for solar install but does not change my refund, when and where do I get this $$?

[DoninGA]

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@stevej789 wrote:

I am completing taxes and have an $8460 credit for solar install but does not change my refund, when and where do I get this $$?

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If your tax liability is already $0, then the solar credit is carried forward to the next tax year.

[ruzicka]

It is a credit against taxes you OWE.  If you do not owe any additional taxes, and have a refund coming, then the credit will not have any effect on your refund.

[Anonymous]

I too am waiting on this form to changed or updated in TT 2018. The credit was retroactively approved as seen in the notes on the IRS site for the form.

https://www.irs.gov/pub/irs-prior/i5695--2019.pdf

TT - When are you going to help us with the correct 1040x/5695 so I can show carryover from 2018 to 2019???