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jking9201
New Member

Why does turbo tax not give energy credit when tax act does?

 
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2 Replies
Vanessa A
Employee Tax Expert

Why does turbo tax not give energy credit when tax act does?

Without knowing what you entered, it is impossible to tell.  However, here is the criteria for both the Home Energy Credits.  If you are sure you DO qualify and are not seeing the credit in TurboTax, then you would need to go back and double check your answers to be sure you did not enter something incorrectly.  

 

 

The Home Improvement Energy Efficient Credit is:

  • Worth up to 30% of costs with a maximum credit $2,000 for
    • Air source heat pumps
    • Heat Pump Water Heaters
    • Biomass Stoves or Boilers
  • Worth up to 30% of qualifying costs for a maximum combined total of $1,200 for the following:
  • You can combine the $2,000 credit with the $1,200 credit for a total of $3,200
  • This credit is a use it or lose it credit.  If you do have enough tax liability in the year you buy and install the item, you will not be able to carry the credit forward.
  • NOT available for new construction.

 

 

The Residential Energy Credit is also a non-refundable credit, however this one can be carried forward to future tax years until this credit goes away which is currently set to happen in 2034

This credit is worth up to 30% of the cost of the equipment, with no maximum limit.  The items that fall into this category are as follows:

  • Geothermal Heat Pumps
  • Small Wind Turbines
  • Solar Energy Systems
  • Fuel Cells
  • Battery Storage Technology

This credit can be taken for new construction

 

 

 

https://www.energystar.gov/about/federal_tax_credits

 

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Why does turbo tax not give energy credit when tax act does?

Also....make sure you have entered ALL your income before going thru the Energy Credits section.

You don't get any credits applied until you have sufficient income entered in order to have taxes, which the Energy Credits would offset.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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