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 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:
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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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 ...
My appreciated!
The release of Form 5695 has moved to 1/31/2024. Intuit App
Thank you
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?
@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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