Upgraded my HVAC and water heater to a high efficiency units this year 2024 and was told that I would get a tax credit for doing so. What information do I need to have for when I need to do my taxes? Also how would I go about entering that information if I do my taxes myself with turbo tax?
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Most of this information comes from here: Air Source Heat Pumps Tax Credit
This credit is effective for products purchased and installed between January 1, 2023, and December 31,
2032. Heat pumps are either ducted or non-ducted (mini-splits). Eligibility depends on whether you live in the north or south.
If the system is ducted the eligibility is as follows;
South: All heat pumps that have earned the ENERGY STAR label
North: Heat pumps designated as ENERGY STAR Cold Climate that have an EER2 ≥ 10
For the ductless look at the map on the page.
For the hot water heater see this: Water Heaters (Natural Gas) Tax Credit or this: Heat Pump Water Heaters Tax Credit
To find this in Turbo Tax follow these steps found here: How do I add or remove Form 5695?
Thank you for the question @Jae775
All the best,
Marc T.
TurboTax Live Tax Expert
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