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February 25, 2025
Question

Home energy credit not in credits total

  • February 25, 2025
  • 1 reply
  • 0 views

In the Deductions and Credits section I'm told I qualify for a home energy credit of $600.  However, that $600 does not show up on the list of total credits at the end of the section.  All that is there is my tax withholding, my estimated taxes and a small foreign tax credit.  Why would this be?

    1 reply

    DaveF1006
    February 26, 2025

    The most common reason is that the home energy credit is a non-refundable credit, which means it can only reduce your tax liability to zero. If your tax liability is already zero, the credit won't be applied.

     

    if you are using Turbo Tax Online go to:

     

    • Tax tools
    • Tools
    • View Tax Summary
    • look at Tentative Tax and Total Tax

    If either is Zero, then you may have not had enough tax liability to take advantage of the credit. if you use Turbo Tax software, go to the forms mode  and look at the 1040.  Look at lines 16 and 24, if there are zeros in either, this may be ther reason you weren't to utilize the credit.

     

    If the program indicates you are eligible for the credit. you may have a carryover.  Check your list of forms to see if you have a Form 5695.  if you do, the carryover will be reported in Line 16 of the 5695. To verify if you have the form online:

     

    • Tax tools
    • Tools
    • Delete a form
    • Look for 5695 If it is here and you didn't receive the credit, chances are it's a carryover.

    For the software, go to forms and locate 5695. You can then verify if there is a carryover listed in line 16.  

     

    If none of this applies, you may need to recheck your entries you made.

     

     

     

     

     

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