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They have form 5695 for 2023, but the IRS hasn't finalized the instructions for that form yet, AFAICT. The link on the IRS website is still for the 2022 version of the form. January 28, 2024 8:35 AM
The Form 5695 is supposed to become available sometime on 2/07/2024 (projected.) It can occur at any time that date. Online TurboTax should update automatically when available. But in desktop TurboTax, however, it won't necessarily show up the minute it is released.
February 7, 2024 9:58 AM. As of this moment, Form 5695 will be available 2/7 to allow us enough time to implement changes to the tax code and to allow any recent change Congress may implement at the last moment. January 29, 2024 9:25 AM. While the form may be on the IRS Website, that doesn't mean the IRS has yet approved the TTX electronic ...
See the IRS Instructions for Form 5695 and this TurboTax help article for more information. **Say "Thanks" by clicking the thumb icon in a post **Mark the post that answers your question by clicking on "Mark as Best Answer"
To add or remove this form: Open or continue your return. Inside TurboTax, search for this exact phrase including the comma and spaces: 5695, residential energy credit. Select the Jump to link in your search results. At the bottom of the Energy-Saving Home Improvements screen, answer Yes, then select Continue.
Instructions for Form 5695 Part II section B states: To figure the credit, enter the amounts you paid for these items on the appropriate lines of Form 5695, Part II. The amount allocable to you is the smaller of: The amount you paid, or The qualifying credit of the property. The credit limit for each property is as follows.
As of January 25, 2024, the residential energy credit for insulation is still calculating wrong at 10% limited to $500, instead of 30% limited to $1,200. The Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax. The Form 5695 is scheduled to be available in TurboTax on 01/31/2024 (subject to change).
I deleted the 5695 form, and redid it. I’m sure there was a typo or extra space or something in the data, not visible in either forms view or EasyStep. February 26, 2024 1:21 PM
Per the Hunter Douglas website: The federal government is now offering energy tax credits on select energy-efficient Hunter Douglas Duette® Honeycomb Shades—letting you earn 30% of the purchase price* back in the form of a tax credit, up to a maximum annual amount of $1200. I've looked at form 5695 and I don't see a specific line to request ...
You basically need to restore the e-filed return, delete Form 5695, and re-enter it when you amend. This is a complex and tedious process, and you may consider upgrading to TurboTax Live. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.