, Answering FAQ'sTurboTax Employee
What is Form 5695?
In order to claim residential energy credits, you will need to fill out Form 5695. Credits are available for homeowners of residential energy efficient property placed in service in 2012 or 2013. The residential energy credits are the nonbusiness energy property credit and the residential energy efficient property credit. Refer to Home Energy Credits for additional information.
The nonbusiness energy energy property credit is for homeowners installing energy efficient improvements such as insulation, new windows and doors, and furnaces. All improvements must be installed on your existing principle home in the U.S. that you live in. The credit is more limited than in past years, but still provides tax savings. See the Federal Energy Star website for details.
The residential energy efficient property credit is intended to increase use of alternative energy equipment in your principal residence and second home in the U.S. Again, see the Federal Energy Star website for details.
Filling out Form 5695 in TurboTax
If you've already gone through the TurboTax step-by-step interview and want to jump directly to the entry screen for this topic, follow these steps.
- Select Federal Taxes (Personal in Home & Business edition).
In Online TurboTax, click the bars at the upper left corner to show Federal Taxes on the selection list; enlarge the screen if needed to show the left side selection list.
- Select Deductions & Credits, and on the next screen, click I'll choose what I work on.
- Scroll down the Your Deductions & Credits screen to the Your Home group.
- Click Start/Update next to the Home Energy Credits topic.
- Answer the Did you make energy-saving improvements in 2013 or have a carryforward from 2012? question and enter information about your energy equipment.