It seems Turbotax 2023 still enforces the $500 lifetime limit for home energy tax credits. When will it be updated to reflect the new law removing that limit?

[demoll77]

Per this article, TurboTax is aware of the change but the logic in the 2023 version has not caught up. https://turbotax.intuit.com/tax-tips/going-green/what-is-the-irs-form-5695/L9D6ARQ0p

[DoninGA · Accepted solution]

IRS Form 5695,Residential Energy Credits for tax year 2023 is scheduled to be finalized and available on 01/10/2024.

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

[demoll77]

Thanks!!

[taxlady28]

Remember that after the IRS finalizes the form, TurboTax programmers will have to put the correct changes into the program.  Then the IRS reviews and approves the program changes. 

After that the program is updated online and on desktop editions.  I estimate that it will be working about first of February if everything goes well.  

[demoll77]

thanks!!

[Mjk6string]

Yeah, then it was pushed to Jan. 31st. And now it’s pushed yet again to Feb 7th. Ugh! I should have filed it myself since the IRS has had the 5695 finalized since 12/15/23. I don’t understand the actual reason for this holdup. Get it together TurboTax!

[NB Dude]

I saw the date slips as well.  The IRS website has the form for 2023, but the Instructions are the hold-up, as the 2023 version is still "in draft".  So thinking maybe TurboTax can't do their thing until the IRS gets their house in order.

[LindaS5247]

Please check back for updates in TurboTax.  When you open your TurboTax program, run all updates available.  This issue should be resolved soon.

[Caemlf2019]

Home Energy Credit for energy efficient Air Conditioner should be 30% or $600 and TurboTax says $300 and then says it has to do with income.  The credits have nothing to do with income.

It says that Form 5695 won’t be available until February 7, 2024.  

I sure hope TurboTax is not allowing any returns to be made that have Form 5695 involved as they will all be wrong.  If someone doesn’t already know about taxes and follows TurboTax, they will have to file an amended return later.

[DoninGA]

@Caemlf2019 If the user has a Form 5695 included with the tax return it cannot be e-filed until the form has been finalized.

[Smillon]

Did this energy credit actually get fixed/updated?   It’s February 7 and I don’t see the correction yet.  

now I see the schedule shows February 8

[demoll77]

It works this morning. I updated my TurboTax software and the form is ready now, but I had to go through the Energy Efficient Home Improvement Credit dialogue again and re-enter my information. Once I did, it worked as expected.