Question

Energy tax credit not applied in federal review

Forum|Forum|2 years ago
February 15, 2024
2 replies
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I submitted an energy tax credit for a biomass stove. It looks ok until I look at the federal tax review screen. I does not show or include the credit as it did for last year when I had bought the first stove.

DawnC

The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. Preview Form 1040 and look at line 22 to see if you have any tax liability to apply the credit to.

Heat pumps and biomass stoves and boilers with a thermal efficiency rating of at least 75% qualify for a credit up to $2,000 per year. Costs may include labor for installation.

Qualified improvements include new:

Electric or natural gas heat pumps
Electric or natural gas heat pump water heaters
Biomass stoves and boilers

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O

Opus 17

The form that includes energy efficiency credits is broken right now. It may work ok for some people but does not work for all.

The credit for biomass stoves has been changed, for 2023 the credit is 30% of the cost for equipment plus installation with a maximum of $2000. It's on line 29a-29f of form 5695.

However, as mentioned, the credit can't be refunded unless you owe tax. If you already have enough credits or deductions to cancel any tax you owe, you can't get the credit. (This dos not mean a refund. For example, if your tax owed is $5000 and you had $6000 of withholding, you get a $1000 refund. That $5000 tax liability is the key number, not the refund amount.)

But in addition to that limit, the form is not working correctly for some taxpayers.

D

dtang168

It seems that Turbotax 2023 is having problem with this form. My issue is that I am not able to enter in the address of my property where I had made the improvements. In the screen that tells you to list the address of the properties where the improvements, I get a black box listing address, unit, state (but state shows up really small and squeezed, zip). If I click around the screen, I see a line below the black box under each of the label. However, when I tried to enter in the information, nothing shows up. When I click to continue, I get a message stating that I need to enter in the complete address. I tried to change the resolution of my screen, but this doesn't help. Also, I tried to click around a few times and the app froze. I am running Turbotax 2023 on the latest Macbook Air. Any help would be appreciated. I am going to try to reboot my laptop and try one last time.

PatriciaV

If you are using TurboTax for Desktop, you may wish to complete this form using Forms Mode to avoid using the interview input form.

Open your return and click the Forms icon in the TurboTax header.
Scroll down in the forms list on the left to Form 5695.
Click the form name to open it in the large window.
When you have completed your entries, click on Step-by-Step in the header to return to the main screens.

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