Home energy credit for new HVAC system and insulation

[HH55]

I purchase a new Home energy credit for new HVAC system and insulation for 8300.00. When I enter information in and at the end it says we can't get you a home energy credit for 2023. Where am I going wrong with getting my credit ?

[DoninGA · Accepted solution]

The IRS has not finalized Form 5695, Residential Energy Credit for tax year 2023.

The Form 5695 for tax year 2023 is scheduled to be available in TurboTax on 01/10/2024.

Go to this TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...

[ES99]

Does the link in your reply show that on 1-31-24 it is expected the TurboTax Home will correctly calculate a home energy credit under the new Inflation Reduction Act?  

Here's the expected behavior:https://blog.turbotax.intuit.com/health-care/inflation-reduction-act-of-2022-52555/

"The Inflation Reduction Act extended the allowed credit up to 10% through December 31, 2022 and increased the Energy Efficient Home Improvement Credit amount up to 30% for qualifying property placed in service on or after January 1, 2023"

...

"The provision also eliminates the lifetime credit limit that was previously in place and limits the credit per taxpayer per year beginning in tax year 2023 (the taxes you file in 2024)."

Turbotax Home is still capping at $0 due to maximum $500 since 2006.

[DaveF1006]

Form 5695 is not available until 01/31/2024.  Check back after that time to see if the form has been updated and the lifetime cap has been removed.

@ES99 

[sharpnado]

Is there an update on when the form will be available?   It's Feb 4th and the credit isn't showing properly.   

[DoninGA]

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@sharpnado wrote:

Is there an update on when the form will be available?   It's Feb 4th and the credit isn't showing properly.   

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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...

[sharpnado]

Thanks!