How to fix Form 5695 joint ownership allocation and credit calculations?

Forum|Forum|2 years ago
February 29, 2024
1 reply
15 views

Is anyone else having difficulty with Form 5695 calculations with the joint ownership allocations for the Residential Energy Credits Allocation Worksheet. The joint costs for an electric heat pump are $10750 and each owner paid half. Shouldn't the result be $1000 to each taxpayer? They both have adequate income to take the tax credit. The software is calculating $250 tax credit for each. I ended up putting the full amount of the costs on one of the tax returns for the full amount of the eligible credit of $2000.

ProSeries Basic

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Best answer by TaxProKate

After spending 2.5 hours on the phone with Intuit customer support and sending them a sanitized client file on Monday March 4th so they could see the incorrect calculations imbedded in the software, I've been waiting for an email from the company. The software was incorrectly calculating numbers in the Joint Ownership Worksheet which Intuit created and wasn't part of the Instructions to Form 5695. After waiting 4 days for the email which never came I decided to go back into the software and look at the client with the incorrect calculations for which I made overrides and found that my overrides were eliminated and the software was calculating the data correctly. I am a bit peeved that I received no notification from Intuit that the software had been fixed and even further alarmed that the software eliminated my overrides that I made in the program in order to get the correct numbers in Form 5695.

I wonder how many tax returns were done incorrectly before I alerted Intuit to the problem and then to sneak around and fix it without notification to me/us (your customer) Intuit? I wish I were surprised but I'm not, this keeps happening Intuit!

T

TaxProKateAuthor

Level 2

Any takers? Or Intuit Admin? I refuse to call Intuit anymore, last year I felt like their R&D department and told them what to fix and they never did fix anything.

T

TaxProKateAuthorAnswer

Level 2

After spending 2.5 hours on the phone with Intuit customer support and sending them a sanitized client file on Monday March 4th so they could see the incorrect calculations imbedded in the software, I've been waiting for an email from the company. The software was incorrectly calculating numbers in the Joint Ownership Worksheet which Intuit created and wasn't part of the Instructions to Form 5695. After waiting 4 days for the email which never came I decided to go back into the software and look at the client with the incorrect calculations for which I made overrides and found that my overrides were eliminated and the software was calculating the data correctly. I am a bit peeved that I received no notification from Intuit that the software had been fixed and even further alarmed that the software eliminated my overrides that I made in the program in order to get the correct numbers in Form 5695.

I wonder how many tax returns were done incorrectly before I alerted Intuit to the problem and then to sneak around and fix it without notification to me/us (your customer) Intuit? I wish I were surprised but I'm not, this keeps happening Intuit!

T

TaxProKateAuthor

Level 2

I received a call from an Intuit representative to apologize for not emailing me when they fixed the Form 5695 in the Pro Series Basic program. It was incorrectly calculating Form 5695 Joint Ownership Allocation Worksheet for about a month before I alerted them to the problem. I asked them to email me now and update this community post so that other Tax Professionals could be alerted that the software was calculating the energy credit wrong. I wonder how many returns were filed incorrectly by other professionals. Good luck everyone.

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