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Level 1
posted Jan 18, 2025 9:56:30 AM

I added a new heat pump this year. Why isn't it affecting my taxes. It says "0" benefit.

Spent $4900 improving my house. Why no benefit on my taxes?

0 1 747
1 Replies
Level 15
Jan 18, 2025 10:20:06 AM

Make sure you've entered ALL your income first.

 

The credit is applied only to the taxes you are actually assessed for  (your "liability...meaning before any withholding or other tax pre-payments are considerred)...so if low income, or no income has been entered, it might not help with your taxes this year, but might be carried forward to next year.

 

So, if you haven't done so yet, keep entering your income as more forms arrive now thru the first week in Feb (sometimes even later if you hold REITs)

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