You will have to upgrade to the Deluxe edition for the Home Energy Credit.
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...
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Nothing in the app has indicated it would require an upgrade to Deluxe to file this form. That's insulting, frankly, after they have delayed my ability to file week after week by continuously postponing availability of 2023 Form 5695 every single week since the filing season opened, always claiming "next Wednesday" until the day arrives. This form has been available on the IRS website since February of last year, nearly a full year ago. The law it is implementing was passed in 2022. What is the excuse for not being ready by filing season, let alone a month into it, for customers to make use of TT software to claim thousands of dollars in credits the current software would deny them under outdated law and forms? Are they seriously going to ask us to pay them EXTRA for the bad job they're doing? I have never seen a better argument for switching to taxslayer or freetaxusa.
@JediNxf7 The TurboTax Free online edition is for very simple tax returns that do not require any other form or schedule other than the Form 1040. If your tax data requires entry on any other form or schedule then you must upgrade to the Deluxe edition or higher.
Go to this TurboTax website for the Free online edition, scroll down and click on Tax Forms for the forms supported by the Free edition - https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp
The IRS just finalized the Form 5695 instructions for tax year 2023 on 01/31/2024. It takes awhile for the new instructions to be complied and then integrated into the TurboTax software.
Go to this IRS website for other vendors who provide Free File - https://apps.irs.gov/app/freeFile/browse-all-offers/
It's so frustrating! It's not the form that we are waiting on. It's the instructions on how to fill the form out. I too have been waiting for this since the early beginning of January and nearly a month later it's still not completed. I just hope they don't delay it another time. My Mom uses Taxslayer and they have the same issues with the with that software. It's the IRS, not the software.
the form is finalized now with the irs as of Saturday. Now its all on Turbotax... should be available today, no excuses
It's interesting that Turbo does have a form 5695 and it fills in incorrectly. There is no notice that you should not rely on the information, but it basically shorts your tax credit by 20% of the insulation cost, in my case $746.
I have discussed this with customer support and was told that it is not incorrect and I would have to pay for a tax advisor to discuss it any further.
Look it up. For insulation, the tax credit for 2003 is 30% of the material cost to a max of $1200 credit per year. (In my case 30% of $3735 should equal $1120 credit). The Turbo program figured my credit at 10% ($374) and the form was not modifiable. I wonder how many people don't notice and are getting shorted. ($746 for me).
I've been a Turbo customer for as long as I can remember. Not next year...
The TurboTax form availability tracker says the form 5695 will be available tomorrow, 2/7/24. TurboTax does not always hit their target date. You can check availability here: https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product=Turbotax_online&bu=cg
OR click on Review in your tax return.
I noticed the exact same thing we had to replace a water heater and the air system and they trying to give me 300 instead of 2k+ in credits so now I'm sitting and waiting for them to get their stuff together and finally use the 2023 guidelines that are in the IRS site, could have done taxes early January but because of this we have to wait it is so disapointing
Its February 7th and that Form is still not available. I guess its next Wednesday then.
Turbotax - Its time you improve service.
@ subbs
wrote:Its February 7th and that Form is still not available. I guess its next Wednesday then.
Turbotax - Its time you improve service.
It's only barely past midnight on February 7, and in some parts of the country, it's still February 6. This week's update has not yet occurred. For the desktop product it typically occurs overnight on Wednesday night/early Thursday morning. That being said, it is possible for a form to be delayed, but it's too early to make that statement.
The Form 5695 is supposed to become available sometime on 2/07/2024 (projected.) It can occur at any time that date. Online TurboTax should update automatically when available. But in desktop TurboTax, however, it won't necessarily show up the minute it is released. Most routine weekly updates in the desktop product occur on Wednesday night to early Thursday mornings. So if not during the day, then hopefully an update with the form will come across sometime Wednesday night/early Thursday. You can use the table in the link below to watch for its availability. When it's released, there will be a green checkmark in the table. But again, desktop users may have to wait until the desktop product routinely updates overnight on Wednesday/early Thursday. It's also possible, as has happened before, that a form may still be further delayed, kinda like watching the arrivals/departures screen at the airport. But, hopefully, this one will be released in this week's update as scheduled.
This is Ridiculous Turbo Tax. We want to file and get this over with. Can you update the form already?!?!?!?! Your gonna lose alot of customers for next year
This is a nightmare. I am waiting on form 5695 also. Turbo tax I think this is my final ride with you.
This is scheduled to be fixed with the February 7 update. The updates generally happen at night. It should be available February 8.
Feb 7th and form 5695 still not updated for 2024. Ttax site shows it's available and ready for e-file as of 2/7 - maybe they mean by end of day...
This is scheduled to be fixed with the February 7 update. The updates generally happen at night. It should be available February 8.
2/7/2024 - Agree that Ttax doesn't seem to handle outdated form 5695 in a customer oriented fashion. Allows you to calculate credit without any indicator form is outdated and calculation is not accurate. Anyone not familiar with the 2023 credits would potentially file and lose out on a credit... onus is on customer to know it's a miscalculation & to search for answer.
Same here. TurboTax I paid u $128 and cannot accesss a simple form the irs provided. I want my money back asap
I use the online website so the update should be during the day yes? This is ridiculous, this form should have been made available soon after the IRS finalized... not in a scheduled release cycle... it should be done out outside of a scheduled release
where is the form 5695 that was supposed to be ready on 2/7/24?
This is scheduled to be fixed with the February 7 update. The updates generally happen at night. It should be available February 8.
UNACCEPTABLE I WANT A REGUND FOR TOUR PRODUXT WHICH IS OBVIOUSLY A SCAM.
I have TurboTax Deluxe and Form 5695 that STILL does not calculate the credit. If I Override that field that should have the correct credit, the credit shows up on Form 1040, but the resulting tax calculation IGNORES the credit when it calculates the tax. This has delayed my filing for a refund that is now costing me to lose money on the refund investment.