Form 5695 line 24a and b state:
a. Enter the cost of natural gas, propane, or oil furnace or hot water boilers
b. Multiply line 24a by 30% (0.30). Enter the results. Do not enter more than $600
TurboTax is capping the credit at $300.
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...
the estimated release date for the 2023 form 5695 - which has been available on the IRS website since February 2023 - has been postponed by another week roughly every week since the beginning of this month when I started checking. It's disgraceful that a corporation charging money for the privilege of having simple calculations done based on publicly available forms and instructions can't even be bothered to do that, and still provides information more than a year out of date to paying customers, all while claiming to "get your biggest refund!" while actually attempting to limit it by about 2900 dollars or so based on outdated law.
Is there any update on this? It is 2/4/24, and the form does not appear to be updated.
@harmon-stephen wrote:
Is there any update on this? It is 2/4/24, and the form does not appear to be updated.
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...
looking for an update on form 5695 - when will it be available (intuit said 1/31/24 and now 2/7/24..can someone provide a more accurate update?
@mike930 wrote:
looking for an update on form 5695 - when will it be available (intuit said 1/31/24 and now 2/7/24..can someone provide a more accurate update?
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...
It's 2/7, which is the date that TT should have the residential energy tax credit updated. I can enter my gas water heater, but the credit amount is not accurate. When will TT be able to incorporate qualifying appliances at the correct credit amount?
Residential energy property (30% of costs, including labor, up to $600 for each item) satisfying the energy efficiency requirements in Q1 under the Energy Efficiency Requirements section:
The form may be available by midnight tonight Pacific time. Check back on 2/8/24.
This is ridiculous. But kind of typical, actually. I'm holding up a substantial refund for 3 weeks now waiting for this form, that is readily available on the IRS web site. Intuit, WHAT IS WRONG WITH YOU?
Thanks Roger. For TT to hit the 2/7 date, which is still posted for the form, it would have to be midnight eastern time, I would think.
They are in California so it could be Pacific time. TurboTax experts say updates for the CD/download product usually occur over night Wednesday and are available on Thursday morning.
Well, it really doesn't matter where they are. They have communicated to customers that the form will be ready for eFile on 2/7. So, either they fail all customers planning to file today with a residential energy tax credit, or they fail most customers. Customer Experience is a fail either way. And, they don't even have feature flags set to display a warning to users that the calculation is not accurate. Surprising.