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They keep slipping the date. 1/17, then 1/31, now 2/7. I don't think we can count on it being done then, either.
@Lee Sea wrote:
They keep slipping the date. 1/17, then 1/31, now 2/7. I don't think we can count on it being done then, either.
TurboTax cannot finalize the Form 5695 until the IRS finalizes the From 5695 instructions for tax year 2023. The form instructions are still in draft mode on the IRS website - https://www.irs.gov/pub/irs-dft/i5695--dft.pdf
Good news. I checked IRS.gov/LatestForms and it shows that as of yesterday 1/31/24, a finalized version of "Instructions for Form 5695" has been published for 2023. My understanding is that the ball will now be in Turbo Tax's court to incorporate these instructions into their software and test it. Hopefully this process is quick!
In Dec 2023 I had my house electric panel service upgraded to 200A in anticipation of a heat pump install completed in February 2024. On the form or dialog, where do I enter the cost for the electric upgrade? I thought credit for this work is limited to $600 but I may be incorrect. Apologies if this should have been a new thread.
reposting as new topic
The electric upgrade is entered under Qualified Energy Property Costs>>Panelboards, subpanel boards, branch circuits, or feeders.
You are correct, the credit is a nonrefundable $600 credit for the electrical panel upgrades.
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