, Answering FAQ'sTurboTax Employee
What is Form 5695?
In order to claim residential energy credits, you will need to fill out Form 5695, Residential Energy Credits. Credits are available for homeowners of residential energy efficient property placed in service in 2012 or 2013, and in an extended program for 2014 - 2016. 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.
Enter new or carryforward energy credits in TurboTax by jumping directly to the energy credit entry screens:
- Enter energy improvements in the TurboTax search box and press the Enterkey.
- On the Energy-Saving Home Improvements screen,
Answer the Yes, we make energy-efficient improvements or have a carryforward question and click Continue.
- Answer the following interview questions for the energy efficient improvements you made.