Turbotax is aware of the new rebates available through the Inflation Reduction Act for home energy efficient improvements (for example, the rebate for an electric heat pump, exterior doors, etc). I qualify for some of these rebates. However, I've been unable to get my TurboTax Premier (desktop) software to recognize these rebates. I've entered my information in the "Home Energy Credits" section, and it applies this information to form 5695, but it does not apply the information to the section of that form that would apply the new rebates from the Inflation Reduction Act. Instead, it only recognizes the traditional Home Energy rebates that have been available for years and which max out at $500.
Is this a bug in the software? Should I expect an update in the near future to apply these rebates properly? What is the solution so I can get these rebates?
No, there's not an issue with the software -- the updates just aren't complete yet.
Form 5695, Residential Energy Credits, the form on which home-related energy costs would be claimed for tax year 2023, hasn't yet been finalized in TurboTax.
The form is tentatively scheduled for use on February 7th, 2024. You can check for any updates in TurboTax's Tax form availability app.