Energy Star says the credit for air source heat pumps was (retroactively) reinstated, as of January, 2020 (https://www.energystar.gov/about/federal_tax_credits/non_business_energy_property_tax_credits). Turbotax home/business does not recognize this credit.
Can anyone confirm this is accurate, and does Intuit have an update coming for related Form 5695?
Thanks
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Yes, "... through the 2019 tax year, the federal government offers the Nonbusiness Energy Property Credit. The renewable energy tax credits are good through 2019 and then are reduced each year through the end of 2021.
Equipment that qualifies for the Residential Renewable Energy Tax Credit includes solar, wind, geothermal and fuel-cell technology:
This link Energy Tax Credit: Which Home Improvements Qualify? has information you may find helpful.
Thanks for reply Leonard-
My question is a little different tho, specifically related to Air Source Heat Pumps, a credit which had been dropped, and then re-instated only in January of this year, I believe.
And, more to my question, assuming that credit is valid, where do I enter the cost in TurboTax? TurboTax does not seem to recognize that particular credit; so far, all the ways I've tried to enter it result in no credit.
Thanks
@rwspiegel wrote:
Thanks for reply Leonard-
My question is a little different tho, specifically related to Air Source Heat Pumps, a credit which had been dropped, and then re-instated only in January of this year, I believe.
And, more to my question, assuming that credit is valid, where do I enter the cost in TurboTax? TurboTax does not seem to recognize that particular credit; so far, all the ways I've tried to enter it result in no credit.
Thanks
Enter the cost in the box labeled Energy-Efficient Building Property.
Thanks for this answer. I had the same question as the original poster.
Its a shame TurboTax hasn't updated this yet.
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