I replaced both our Furnace and Central Air Conditioner with High Efficiency models in our principal home. I should receive the following rebates totaling $1,200:
$600 Furnace Tax Credit
https://www.energystar.gov/about/federal_tax_credits/natural_gas_propane_oil_furnace
$600 Central Air Conditioner Tax Credit
https://www.energystar.gov/about/federal_tax_credits/central_air_conditioning
Your calculation is only giving me a $300 Tax Credit. I don’t want to buy your service for 2023 tax year unless this calculation is fixed. Please respond.
The IRS Form 5695 Residential Energy Credits has not been finalized in the TurboTax program.
The Form 5695 for tax year 2023 is scheduled to be available on 01/10/2024.
Go to this TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product=Turbotax_online&bu=cg
Confirming same issue, no interview or direct input to form 5695 for Electric Heat Pump improvement to primary residence ($2000 ). However form has some provision for Geo thermal Heat pump ( I'd highly suggest more clarity for interview screens! )
Qualified energy property is any of the following.
• Certain electric heat pump water heaters; electric heat pumps; central air conditioners; and natural gas, propane, or oil water heaters.
Enter the cost in the box labeled Energy-Efficient Building Property.
Similar issue, TurboTax isn't calculating my furnace credit properly, it's showing a $150 credit instead of the correct $600
@Fastesladriver wrote:
Similar issue, TurboTax isn't calculating my furnace credit properly, it's showing a $150 credit instead of the correct $600
The IRS Form 5695 Residential Energy Credits for tax year 2023 has not been finalized in the TurboTax program.
The Form 5695 for tax year 2023 is scheduled to be available on 01/17/2024 (subject to change)
Go to this TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...
yeah, we are we January 11 2024 and the form is still calculating (and asking questions) based on 2022 law.
the turbo tax site is full of recently updated pages accurately describing the available credits and applicable limits for each under the Inflation Reduction Act, and yet their premier software is a year behind. If Intuit were my company, I would be embarrassed.
When is Turbo tax going to incorporate form 5695 correctly in the software so that heat pump credit will be correctly calculated. In a previous post it said that it was supposed to be fixed by 1/17/2024 but is yet to be fixed
@acarenza wrote:
When is Turbo tax going to incorporate form 5695 correctly in the software so that heat pump credit will be correctly calculated. In a previous post it said that it was supposed to be fixed by 1/17/2024 but is yet to be fixed
The Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax.
The Form 5695 is scheduled to be available in TurboTax on 01/31/2024 (subject to change).
Go to his TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...
February 1 and still not working properly. This is the only piece missing to file my taxes. What is the ETA?
@Greggg wrote:
February 1 and still not working properly. This is the only piece missing to file my taxes. What is the ETA?
The Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax.
The Form 5695 is scheduled to be available in TurboTax on 02/07/2024 (subject to change).
Go to his TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...
Hello,
you've been telling us that the correct Form 5695 will be available in a week for how long now?
every week it's just another week away. and yet after every date you've promised, it doesn't work, and then we're given a new date for a week later.... So when will it actually be corrected? and if it's not, is there a way to manually enter the correct credit?
lastly, if this is not corrected (or there's no workaround) and I cannot file my taxes correctly, who do I need to contact for a refund of the Turbotax purchase price I paid?
@Fastesladriver The IRS Just finished finalizing the Form 5695 instructions for tax year 2023 yesterday, 01/31/2024. It will take awhile before the updated 2023 instructions are compiled into the TurboTax software.
The Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax.
The Form 5695 is scheduled to be available in TurboTax on 02/07/2024 (subject to change).
Go to his TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...
1. Can the product indicate the form completion date when working on a section? (Even highlighting the complete list as we login to the product would be helpful)
2. FYI, last week the completion date given was 1/31/24.
3. I have personally spent greater than 1 hour x 2 to find out why the credit is not accurate.
The Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax.
The Form 5695 is scheduled to be available in TurboTax on 02/07/2024 (subject to change).
Go to his TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...
I was having errors yesterday with the Home Energy Credits not being calculated and TurboTax not asking questions in order to enter some items. There seems to have been an update, so that now all of the questions are being asked (I was able to enter Home Energy Audit for example) and values are being correctly calculated in part II of the form.
Yeah, I saw this in the thread. My point was that it took me several trys and hours to find this thread. Make the forms link visible in the app. please. Also, do not let a section complete, if the associated forms are not complete (or flag it for users), again PLEASE.
FYI. On my desktop version, the Home Energy Credit calculates correctly in the credits section. It even shows in the total (not itemized though) on the 2022 and 2023 deductions and credit summary page. IT DOES NOT carry forward to the Federal Review page. This will still need to be fixed.
also can confirm that turbotax is now finally correctly calculating the home energy credit, at least for me.
as far as the federal review page, it does not show on the first page of the review, where the row is titled, "Federal Credits We Found For You" but if you click the line below that, "Detailed tax breakdown" it does show the correctly calculated home energy credit. Maybe it's not shown on the first page because we entered the credit ourselves, and Turbotax didn't "find it" for us? or, more likely, it's an error in Turbotax...
Form 5695 is not calculating correctly as of today, 2/9/24.
TurboTax, how long can it take to fix this? Customers have been complaining the calculations are WRONG for well over a month. NOT ACCEPTABLE! You claim 100% accuracy; you're falling short!
FIX IT!
This makes me wonder WHAT ELSE isn't calculating correctly.
@sid-pearce wrote:
Form 5695 is not calculating correctly as of today, 2/9/24.
TurboTax, how long can it take to fix this? Customers have been complaining the calculations are WRONG for well over a month. NOT ACCEPTABLE! You claim 100% accuracy; you're falling short!
FIX IT!
What is not calculating properly?
Are you using the TurboTax desktop CD/Download editions? If so, have you updated your software?
Click on Online and then on Check for Updates
Please forgive my impatience. I should've known to try the software update first. It worked for me.
Thank you,
Sid
This was a case where TurboTax was providing incorrect information on the tax form. There was no warning in the TurboTax user interface that the $0 entries were in error because the code was not yet available to do the calculations. Are we to assume that there are other calculations that are incomplete / in error with no user notification in the application? If so, where is the link to documentations showing what is incomplete vs complete so we know when it is safe to file the forms?