Residential Energy Credit

Forum|Forum|3 years ago
April 14, 2023
2 replies
24 views

Hi everyone,

Any experts out there on Residential Energy Credits? I knew they were limited but didn't realize just how limited! Is there more to report than the $500 on Form 5695? I thought I read in the instructions that there was more than one form?

Thank you in advance if anyone has any energy left to respond, lol.

I think I'm out of coffee! 🙂

ProSeries Basic

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

different limits for different stuff, yea that lifetime $300 or $500 amount for stuff that costs 10s of thousands of $$ is ridiculous.

Just-Lisa-Now-

Answer

Intuit Community Champion

different limits for different stuff, yea that lifetime $300 or $500 amount for stuff that costs 10s of thousands of $$ is ridiculous.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

SensibleandHourlyAuthor

Level 6

I'm bummed, I really thought I had read where there were changes to that. I must have been confused as to the year. 😞

T

TaxGuyBill

Level 15

As Lisa said, the pre-2023 credit is sort-of dumb. Lifetime limit of $500 (assuming you aren't talking about solar, geothermal, etc.).

Congress FINALLY fixed things by making it much better starting in 2023, but we are stuck with the dumb limits for before 2023.

SensibleandHourlyAuthor

Level 6

Definitely not much of an incentive!

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