Residential Energy Credit

Forum|Forum|3 years ago
March 19, 2023
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I have a residential energy credit for attic insulation this year which will give me a credit of $80. I see that together, the total amount of allowable credit is limited to $500. I also see that this is a non-refundable credit and it is not carried forward to future years. Either this year or next year we will be replacing many of the windows on our house. If I take the credit for the attic insulation for tax year 2022 does that mean that I will not be able to take a future credit for the windows which almost certainly will result in a higher credit? Thanks in advance for all of the help that my Turbo Tax community has provided over the years.

Not A Product Question

hbl3973

Deb2712,

If that nonrefundable credit isn't going to do you any good, you don't have to file for it. The instructions for Form 5695 go into detail on the Part II Energy Efficient Home Improvement Credit. You are allowed $200 lifetime for upgrading windows and $500 lifetime for total Part II credits you claim on those forms over the years.