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.
