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Hello, the Form 5695 Residential Energy Credit is not flowing through to the 1040 Line 20. Is anyone else having this issue? I know the form 5695 is not fileable until 2/7/2024 but it should still be flowing through to the front of 1040. Can anyone give me any advice on this? Is it a known issue?
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That form isnt scheduled to be final until the 7th of February, Im guessing they just dont have it up and running properly yet.
Personally, I wouldnt hold my breath for the 7th, lots of changes with the energy credits this year, I can see this form getting kicked down the road further.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Thank you for the information
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I wonder if the flow through to the 1040 will happen automatically after the udpate
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At this point, you wouldn't want it flowing to the Form 1040. It is still applying the lifetime limit of $500 to the credit, reducing it by amounts taken in prior years. I agree with Just-Lisa-Now and would bet it still won't be ready this Wednesday.
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I feel for Jim, though. By February 4th, he must have at least 250 returns just sitting there waiting to be filed when the 5695 goes final!😄
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ha! good one. i did a return today that took me literally six minutes, and that included welcoming my client. I scheduled my following appt a half hour later so i lost 24 minutes of tax prep time waiting for them to arrive.
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How is it possible to do a return in six minutes?
When I grow up, I want to be just like you!