IRS rejected Federal tax return. TurboTax error; IRS document shows TurboTax submitted $22,200.00 for Insulation Material - exactly 100 times what was entered. Please fix this issue - someone moved a couple of decimal points in the calculation. Has this issue been corrected since my 23FEB2024 submittal???
Yes, you can enter the amount paid for the insulation in the TurboTax program and it will correctly enter the credit on your tax return, Schedule 3 Line 5b and on the Form 1040 Line 20.
Just did a test using both the TurboTax online and desktop editions using $2,220 as the cost of insulation. The proper credit of 30% of cost, $666, was entered on the tax return.
Thank you, However even though my return generated the correct credit and was initially accepted, the IRS put a Hold on it, The IRS file flagged an outrageous error with Form 5695 information. The .pfd submitted looks fine, it must be in the electronic file generated. Someone slip a couple decimal points in how Insulation Material shows up to the IRS. So, the simplistic test that was run will show nothing. Let me know when Form 5695 and its electronic output has been corrected.
@1rj1890 I submitted my federal tax return on 02/27 which included a Form 5695 with a $600 credit for an A/C unit. I received my tax refund from the IRS on 03/13.
Submit your tax return again using the instructions in the letter received from the IRS.