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New Member

Air Source Heat Pump Credit Reinstated

Energy Star says the credit for air source heat pumps was (retroactively) reinstated, as of January, 2020 (https://www.energystar.gov/about/federal_tax_credits/non_business_energy_property_tax_credits). Turbotax home/business does not recognize this credit.

Can anyone confirm this is accurate, and does Intuit have an update coming for related Form 5695?

 

Thanks

3 Replies
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Expert Alumni

Air Source Heat Pump Credit Reinstated

Yes, "... through the 2019 tax year, the federal government offers the Nonbusiness Energy Property Credit. The renewable energy tax credits are good through 2019 and then are reduced each year through the end of 2021.

Equipment that qualifies for the Residential Renewable Energy Tax Credit includes solar, wind, geothermal and fuel-cell technology:

  • Solar panels, or photovoltaics, for generating electricity.  The electricity must be used in the home.
  • Solar-powered water heaters.  The water heated by the system must be used inside the home, and at least half of the home's water-heating capacity must be solar. (Solar heaters for swimming pools and hot tubs do not qualify.)
  • Wind turbines that generate up to 100 kilowatts of electricity for residential use.
  • Geothermal heat pumps that meet federal Energy Star guidelines.
  • Fuel cells that rely on a renewable resource (usually hydrogen) to generate power for a home. The equipment must generate at least 0.5 kilowatts of power. ..." Ref: TurboTax Help Page

This link Energy Tax Credit: Which Home Improvements Qualify? has information you may find helpful.

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New Member

Air Source Heat Pump Credit Reinstated

Thanks for reply Leonard-

My question is a little different tho, specifically related to Air Source Heat Pumps, a credit which had been dropped, and then re-instated only in January of this year, I believe.

And, more to my question, assuming that credit is valid, where do I enter the cost in TurboTax? TurboTax does not seem to recognize that particular credit; so far, all the ways I've tried to enter it result in no credit.

 

Thanks

 

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Level 15

Air Source Heat Pump Credit Reinstated


@rwspiegel wrote:

Thanks for reply Leonard-

My question is a little different tho, specifically related to Air Source Heat Pumps, a credit which had been dropped, and then re-instated only in January of this year, I believe.

And, more to my question, assuming that credit is valid, where do I enter the cost in TurboTax? TurboTax does not seem to recognize that particular credit; so far, all the ways I've tried to enter it result in no credit.

 

Thanks

 


Enter the cost in the box labeled Energy-Efficient Building Property.