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nhs1
New Member

Residential energy property - 2023 Tax Year

I am trying to prepare to file my 2023 taxes.  TurboTax does not have the Residential energy property credit in the program or at least I cannot find it.  When I input my information in the deductions/credit area, I only qualify for $500; however, per the IRS link below I am eligible for $1200 credit (I replaced the HVAC system (both furnace & AC) with a qualified energy efficient systems for the credit.  Is this going to be updated or added to TurboTax?  https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit#:~:text=If%20you%20m...

 

Residential energy property

Residential energy property that meets the Consortium for Energy Efficiency (CEE) highest efficiency tier, not including any advanced tier, in effect at the beginning of the year when the property is installed qualifies for a credit up to $600 per item. Costs may include labor for installation.

Qualified property includes new:

  • Central air conditioners
  • Natural gas, propane, or oil water heaters
  • Natural gas, propane, or oil furnaces and hot water boilers

Oil furnaces or hot water boilers can also qualify through other efficiency criteria.

Costs of electrical components needed to support residential energy property, including panelboards, sub-panelboards, branch circuits, and feeders, also qualify for the credit if they meet the National Electric Code and have a capacity of 200 amps or more. There is a limit of $600 per item.

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6 Replies

Residential energy property - 2023 Tax Year

The form 5695 will not be functional until 1/17 at the earliest ...  https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...

 

When it is ... 

  • In TurboTax, open your tax return
  • Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
  • Scroll down to All Tax breaks, locate the section Your Home and click on Show more
  • Click Start next to Home Energy Credits (see screenshot)
  • Follow the interview to enter your information.
nhs1
New Member

Residential energy property - 2023 Tax Year

My appreciated!

Residential energy property - 2023 Tax Year

The release of Form 5695 has moved to 1/31/2024.  Intuit App

nhs1
New Member

Residential energy property - 2023 Tax Year

Thank you 

klote491
New Member

Residential energy property - 2023 Tax Year

RE: Intuit release for residential energy credit form 5695

Will this include the update  from the IRS for instructions and form released Jan 25, 2024?

 

Residential energy property - 2023 Tax Year


@klote491 wrote:

RE: Intuit release for residential energy credit form 5695

Will this include the update  from the IRS for instructions and form released Jan 25, 2024?

 


Yes, the Form 5695 and the IRS instructions for the Form 5695 for tax year 2023 are incorporated in the TurboTax software.

The Form 5695 for tax year 2023 was made available in TurboTax on 02/08/2024.

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