when will form 5695 be available?

[Keith49]

when will form 5695 be available for tax year 2024?

[DoninGA]

The 2024 IRS Form 5695 is finalized and available now.

To enter Home Energy Credits -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credit
Click on I'll choose what I work on (if shown)
Under Your Home
On Home Energy Credits, click the start or update button

Or enter energy improvements in the Search box located in the upper right of the program screen. Click on Jump to energy improvements

[Keith49]

The form is there, but does not allow the carryforward from 2023. It says will be carryforward on the 2025 return. Thought I saw a message on when the issue would be fixed, but do not recall the date 

[DoninGA]

@Keith49 Looks like the programmers changed the date for availability to January 18, 2025.  Wait for the form to be updated.

[Keith49]

any updates on when form 5695 will be available? The form is only showing a partial credit and not the full carryforward amount.

[CatinaT1]

Use this link to reference when your tax forms will be available. You can search by TurboTax Product and for IRS and State-Specific Forms.

However, please know there is a delay by the IRS until March 16 if you have joint occupancy.

Taxpayers claiming Joint Occupancy on Form 5695 will have to file via paper if filing their return before the Form 5695 schema is updated in mid-March.  This temporary limitation should only impact a subsection of Form 5695 filers.   For a preview of the TY24 draft form and instructions for Form 5695, please see the Draft tax forms on IRS.gov at https://www.irs.gov/draft-tax-forms. Submission of Forms 5695 that do not claim Joint Occupancy may be e-filed at the start of Processing Year 2025.

 

[Keith49]

So if I answer yes to the question about my wife and me living in the same house, I will need to wait until after March 16 to file electronically.

[CatinaT1]

According to the IRS, yes.

[Keith49]

The joint occupancy rule does not apply to married filing jointly, unless there are 2 separate properties. The form appears to be working as it should for my tax situation.

[jqjyjohnma]

It is still not updated as of March 11 2025.

[kb310]

I updated Turbo Tax this morning, deleted the form 5695, reentered the information and it is still being rejected. Have you had success filing your taxes electronically with this form?

[CatinaT1]

You have to wait for the update that is supposed to happen at some point today, so you will need to try again later or tomorrow.

[Mmz26]

TurboTax says it will be ready on or after 3/27. That was yesterday. It didn’t work yesterday or today. When will this be complete? 

[kb310]

It is now apparently April 4..... I won't buy Turbo tax again for this reason...may as well pay to go to a regular accountant and have them filed on time. 

[AnnetteB6]

The IRS updated the system this week to start accepting e-filed tax returns with Form 5695 Joint Occupancy. However, a processing problem still exists. To ensure the accuracy of tax returns, TurboTax is working hard to eliminate the issue. The expected resolution date is April 4, 2025. On or after that date, please log back into your TurboTax account, fix any error messages and e-file your tax return. 

There is also an option to print and mail your return. If the special rule for joint occupants applies to you, please make sure that the box on line 32a of Form 5695 is checked. Then attach a statement to your printed return that explains how the special rule applies to your situation. 

This statement should include:

• The names and Social Security numbers of all joint occupants.
• A description of the property and the nature of the improvements made.
• An explanation of how the costs were shared among the joint occupants.

TurboTax does not automatically generate this statement, so you will need to create it yourself. Make sure to include this statement when you mail your tax return to the IRS. 

Here is a possible template that you can use:

Statement for Special Rule for Joint Occupants

Taxpayer Name: [Your Full Name]

Taxpayer Identification Number: [Your SSN or ITIN]

Tax Year: [Year]

Names and Social Security Numbers of Joint Occupants:

[Full Name of Joint Occupant 1], [SSN of Joint Occupant 1]

[Full Name of Joint Occupant 2], [SSN of Joint Occupant 2]

(Include additional names and SSNs if applicable.)

Description of Property and Improvements:

The property is located at [Property Address]. During the tax year, the following energy-efficient improvements were made to the property:

[Description of Improvement 1] (e.g., installation of solar panels, energy-efficient windows, etc.)

[Description of Improvement 2] (if applicable).

Explanation of Cost Sharing:

The total cost of the qualified energy-efficient improvements was $[Total Cost]. The costs were shared among the joint occupants as follows:

[Your Full Name]: $[Amount Paid by You]

[Joint Occupant 1's Full Name]: $[Amount Paid by Joint Occupant 1]

[Joint Occupant 2's Full Name]: $[Amount Paid by Joint Occupant 2]

Based on these contributions, I am claiming my allocable share of the energy-efficient home improvement credit. My share was calculated as follows:

Credit Allocable to Me = (Credit Limit for Property) × (Amount Paid by Me / Total Amount Paid by All Occupants)

@Mmz26