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Why doesn't the home energy credit section apply the 26 % credit for qualified biomass property?

See line five form 5695
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2 Replies
AnnetteB6
Expert Alumni

Why doesn't the home energy credit section apply the 26 % credit for qualified biomass property?

You are correct that the energy credit for a biomass property is not capped at $300 for 2021 and is instead 26% of the cost.

 

However, as of today and based on the forms availability chart for TurboTax, Form 5695 Residential Energy Credits has not yet been released.  Therefore, the calculation may not be correct until the final version has been released. 

 

You can check the form availability chart using the following link and searching for Form 5695: 

IRS forms availability table for TurboTax individual (personal) tax products 

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Why doesn't the home energy credit section apply the 26 % credit for qualified biomass property?

Until that section is implemented properly  (we hope after the 27th):

 

DO NOT enter as an "Energy-Efficient Building Property"  , That's where it went last year, but that section is only for 10%ers.  So if you made an entry in there...go back and take those $$ out.

 

Once implemented properly, a line should show up on the page with the Solar Credits...which are also 26%ers.  (But I can't really know ahead of time where the programmers will put it)

 

 

____________*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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