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Can someone please advise- how do I process the Residential Credit? My client had installment home improvements on her home in 2022, finance a contract from a company with a 25 years term. Roof $11,745 and Solar Panel system. (Solar Equipment) $27165.00. However,the company gave her 2 loan which at .99% $44,336 and the other $27,165 Total =$77901. It was claimed on her last 2023 tax returns (27,165 x30% ) credit within the limitation amt.However, I am not sure how to carryover the rest because Proconnect doesnt offer that feature. Confused! Is there any carry over at all? Thank you.
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In ProConnect use Check Return to go view forms. Form 5695 has a spot on line 12 "Credit carryforward from 2023. Enter the amount, if any, from your 2023 Form 5695, line 16 . . ." look at that line in the View Forms on the 5695 and click the blue section - that will take you to the input.
P.S. This method works with most boxes and lines on any tax form to find the input.
Answers are easy. Questions are hard!
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It doesn't go by payment dates. It goes off of install dates.
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