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Level 2
February 9, 2024
Question

Form 5695 Panel credit not working

  • February 9, 2024
  • 2 replies
  • 9 views
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    2 replies

    selaing58Author
    Level 2
    February 9, 2024

    put in correct  amount, nothing, put in $10,000 nothing.... all other lines process credit.

    Level 15
    February 9, 2024

    Do you have a tax liability?

     

    Look at your forms to see if you actually got the credit.  You can look at your form 5695 or Schedule 3.  On schedule 3, you will find the credit on line 5a or 5b.  

     

    If however, the credit is not showing on the form and you have entered everything, there could be a few things wrong.

    1. You answered a question in a way that made you ineligible for the credit.
    2. You have no tax liability to start with.  These credits are nonrefundable credits.  This means, you cannot get the credit if the amount on line is $0 or it will be limited if the amount on line 16 is less than the full credit you could have received for the energy product. 
    3. If you installed solar items and qualify for the Residential energy credit, then you can carry the credit forward to future years.  The Home Improvement Energy Efficiency Credit, is a use it or lose it so if you don't use it this year, you will lose it. 
    4. You did not update your forms if you are using TurboTax Desktop, you will need to select Online>>Update>>then update your return. If you are using TurboTax Online, please clear your cache and cookies to be sure you do not have something hanging up in there keeping the old form active.

     

     

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