Amendment with Energy Credit

Forum|Forum|2 years ago
August 16, 2024
3 replies
33 views

House sealed with spray foam and attic insulation replaced back in March 2022. Forgot to file 5695 along with 2023 tax filing. Now I want to file this (maybe amendment?) to get the credits.

Before I pay for the service, I just want to be sure that this credit can be claimed back and this is something TurboTax can help with.

DoninGA

Level 15

You will to amend the 2022 tax return since the insulation was installed in 2022. There is nothing to enter on the 2023 return for an installation in 2022.

See this TurboTax support FAQ for amending a prior year tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-already-filed/L4VjJ9BA2_US_en_US?uid=ld1n99kr

To enter Home Energy Credits -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credit
Click on I'll choose what I work on (if shown)
Under Your Home
On Home Energy Credits, click the start or update button

Or enter energy improvements in the Search box located in the upper right of the program screen. Click on Jump to energy improvements

ImSCPAuthor

Level 2

@DoninGA Thank you for such quick & concise response.

I’m based in Minnesota which also has an energy credit program. I suppose, I’ll have to file an amendment for the State tax as well?

Opus 17

Level 15

@ImSCP wrote:

@DoninGA Thank you for such quick & concise response.

I’m based in Minnesota which also has an energy credit program. I suppose, I’ll have to file an amendment for the State tax as well?

Correct. Any energy credits are claimed as of the date the improvement is placed in service, regardless of when you signed the contract or paid for the improvement.

If you originally filed your 2022 tax return with Turbotax, there should be no extra cost for preparing and filing an amended return. If you did not use Turbotax in 2022, preparing an amended return now will cost money, and will be a bit tricky and involve several extra steps.