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Energy Credit
Does anyone know what line on the new Form 5695 does the credit for Energy Efficient appliances goes? I have a client that has an energy efficient washer but there is no indication as to what line it goes on.
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Energy efficient washer is not covered under Federal Tax Credit. Many things we use, such as light bulbs-to-LED, might qualify for local rebates or billing offsets. There is an "electrification" clause for local entities for incentives:
"The Inflation Reduction Act includes significant funding for states and tribes to offer rebates to households that install new electric appliances, including super-efficient heat pumps, water heaters, clothes dryers, stoves, and ovens and for households that make repairs and improvements that increase energy efficiency. These rebate programs are expected to start becoming available in the Fall of 2023, after states and tribes have applied for the necessary grant funding and established the infrastructure to run them."
This article helps explain it: https://turbotax.intuit.com/tax-tips/going-green/are-energy-efficient-appliances-tax-deductible/L2e5oUsbe
"While not technically a tax credit, this program assists you with lowering the cost of going green. The Inflation Reduction Act added this program to provide rebates to low- and middle-income taxpayers who purchase and install energy-efficient electric appliances. Qualifying for the program will require your family’s total income to be less than 150% of the median income for where you live.
Under the program, qualifying homeowners can install appliances that go toward fully-electrifying their homes, such as heat pumps or electric clothes dryers. The per household rebate cap is $14,000 and households aren’t eligible to claim two rebates for the same upgrade."
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