Erroneous Form 5695 Residential Energy Credit

[wjr760]

IRS changed the law regarding energy credit in 2023, removing lifetime limitation for many items.  TT allows me to fill out a version of 5695 which is carryover from 2022 and it results in $0 credit due to prior use of the credit.   Turbo Tax should disable the credit form until the 2023 version is completed.  

From IRS website:

These expenses may qualify if they meet requirements detailed on energy.gov:

• Exterior doors, windows, skylights and insulation materials
• Central air conditioners, water heaters, furnaces, boilers and heat pumps
• Biomass stoves and boilers
• Home energy audits

The amount of the credit you can take is a percentage of the total improvement expenses in the year of installation:

• 2022: 30%, up to a lifetime maximum of $500
• 2023 through 2032: 30%, up to a maximum of $1,200 (heat pumps, biomass stoves and boilers have a separate annual credit limit of $2,000), no lifetime limit

[CatinaT1]

This is scheduled to be fixed with the February 7 update. The updates generally happen at night. It should be available February 8.