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Form 5695 Residential Energy Credits - Ln 6 wrong percentage

Level 1

On ProSeries 2020, Form 5695 Residential Energy Credit, Ln6 although states Multiple line 5 by 26% (0.26), the actual amount automatic calculated is based on 30%.  For year 2020 the actual credit should be 26%.  Intuit needs to release update to rectify this error.

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3 Comments 3
Level 14
Level 14

I agree the credit is 26% for 2020 and ProSeries is calculating 30%. Pretty sure this will be fixed before ready for filing, but we'll run it by @Orlando just to be sure

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Intuit Alumni

From what i've been told, it should be fixed by eFiling time.  As a general rule of thumb, if it's marked "form not final" this sort of thing is to be expected - especially for lesser used individual forms. It just takes awhile for the teams to get to everything. 

Level 15

The new software ALWAYS uses the previous year's numbers until AT LEAST mid-December. 

That is because Intuit does not use official tax guidance, such as the IRC, Regulations, Revenue Procedures, etc.  They use the the not-to-be-relied-on Publications and Instructions.  So until the IRS finalizes the Publications and Instructions, Intuit does not update the software, which makes the software pretty much useless for the first month or two.