Hi, I am getting an early start on my TY2023 taxes with TT, Premier and I am having trouble with the following:
1. The TY2022 10% rebate rule is being applied incorrectly to 2023+ which should reflect the Inflation Reduction Act: 30% up to $600 credit per year for exterior windows. Is this planned to be corrected/updated in the future?
2. It's my first year with an employee-funded HSA, and entering Code W in Box 12 hard-codes the entire amount as employer-funded, although it is supposed to be any combination of employee/employer funding. So, I removed Code W, assumed W-2 Box 1 would reflect a deduction for my HSA contributions, and assumed the corresponding HSA deduction for employee-funded amount in TT would not be "double-dipping". Is this the correct way to treat this?
Thanks in advance.
The Form W-2 must be entered as received, including the code-W entry. The entire amount contributed to your HSA via your employer, reported with code W in box 12 of your W-2, has already been excluded by your employer from the amount in box 1 of your W-2. You do not get to deduct it again. Do not enter any of this amount as a personal HSA contribution. Personal HSA contributions are those you make directly with the HSA without any involvement of your employer.
1. Energy credit forms are not ready. Try again in mid January.
2. Do not change your W-2 information. The amount with code W was deducted from your wages in Box 1 so you are already receiving a tax deduction. Contact your employer if you have any questions.
The IRS Form 5695 Residential Energy Credits has not been finalized in TurboTax.
The Form 5695 for tax year 2023 is scheduled to be available in TurboTax 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
Thank you all for your really quick replies!
The updated form for federal window rebate being available in January makes sense, and I appreciate the link to forms availability.
And, I am presumptively doing my taxes for planning before I receive any docs, including W-2, so I apologize for not making that clear, but I understand the responses, now. I got tripped up by anticipating a reduction in my W-2 for my workplace HSA contributions and the separate "outside" contribution per Form 8889, and claiming both would be double-dipping, so I removed my 8889 entry.
Thanks again!