How do I get the uncapped 26% credit for installation of a biomass stove? The system is only registering the default 10%.

[graham-kearney]

New wood stove was installed March 2021.  When I go to 5695, residential energy credit - the 'learn more' button allows me to read about the biomass credit, which states it is untaxed and 26%, but on the main page where the cost is entered, there is no way to indicate that it is, in fact, for a biomass stove.

[SteamTrain]

The form 5695 was changed somewhat for 2021 to allow for that..

BUT

The new form 5695 in TurboTax is not scheduled to be implemented until after 3 February, so it may still be using the 2020 questions.

_____________________

Take out whatever you entered already,

.......then come back after (say) 4 February to go thru those energy questions again.  None of us will know if it is being implemented properly (or not) until the new form is actually initiated in the software after that date.  (Yes, would have been great if it was already in there properly now...)

[SteamTrain]

...AND...if they do get it in there correctly, I believe it will be in the section with the solar electric, wind energy and geothermal heat pumps (which are all  also 26%....but I guess they could put the Q&A entry line anywhere)

On the new 2021 form 5695, the biomass stove cost ends up on line 5.

[Sarah SW]

It is February 8 and it's still incorrect. In fact, it's only giving the $300 flat credit from 2020. I entered my cost+installation of 7,444 and it gave me a $300 credit. Dumb.

[PattiF]

To clarify your situation, are you using TurboTax Desktop or Download; or TurboTax Online?

@Sarah SW

[SteamTrain]

@Sarah SW 

Go back to the other area you posted to....there's far mor information on how you might need to proceed in yoru other comment/Q&A...including possible solutions for yoru case, depending on whether you a e using "Online" or "Desktop" software:

Re: Where can I input the information for the purc... (intuit.com)

[PattiF]

@Sarah SW

To clarify the problem, you can send a diagnostic copy of your return that we can look at to see the problem.

Please send a diagnostic copy of your tax return to TurboTax so they can investigate this problem. In the diagnostic copy, all SSN, names, addresses and other personal info will be replaced with generic info.

To send a diagnostic copy in TTO:

1. Click Tax Tools in the menu on the left.
2. Click Tools.
3. Click "Share my file with Agent"
4. Click OK
5. Write down the token number and post it in this thread.

Also, if possible, please post a screen shot of the screen that says "Needs Review".

[DoninGA]

@Sarah SW 

Both the TurboTax online editions and the TurboTax desktop edition have entry of a Biomass Fuel property on the Form 5695.

When in the Home Energy Credit section of the program you do Not enter the Biomass Fuel property on the screen labeled Tell Us How Much You Paid for Energy-Saving Improvements and do Not enter the cost in the box labeled Energy-Efficient Building Property.  Continue past the screen and answer the questions on the following screens until you land on the screen Enter Any Additional Energy-Efficient Improvements.  Enter your cost of the Biomass Fuel property in the box labeled Biomass fuel property.  This will make the property eligible for the 26% energy credit on your tax return.

[SteamTrain]

@DoninGA 

The Desktop has it there, but as already explained in the other post that I referenced (and as reported to TTX & Moderators  ~1.5 weeks ago...31 Jan)...the Desktop has the entry, but doesn't actually apply the 26%.

Online works properly if entered properly.

Hoping tonight's update fixes the Desktop software, or things could get messy.

___________________________________________________

Re: Biomass Credit Not Working Right in 2021 Deskt... (intuit.com)

[DoninGA]

Ok...thanks for the update.

[SteamTrain]

@DoninGA 

OK, an update.  Desktop software (W10) will work, but if they had the form 5695 pre-existing, when the software update was made to include the new Biomass section, they might need to delete the form 5695 in Forms Mode....then run thru the interview again to put it back in.   That's how I got mine to finally work a few minutes ago.

I have no idea if the Online software would require the same thing for those who had a 5695 in their file before the Biomass update was initiated.

[DoninGA]

@SteamTrain Thanks...You might have seen I was working with other poster about the credit.  I used my desktop edition and it worked Ok with the credit.  Good to know about the prior year 5695.  Thanks again.

[SteamTrain]

@DoninGA 

Maybe I should have thought of deleting that 5695 before...but such actions tend to be unexpected.   I remember one year that we had to delete any pre-existing 1099-R forms after some early update.

[Sarah SW]

Online- but you answered this in the other post I had replied to asking the same question as the OP

[Sarah SW]

This was the answer for me in the Online version. Thank you.