Anybody know when Form 5695 will be Final?
Thought I'd join in on this and start a new thread.
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I have some connections at Intuit. Based on my information, the form will be ready by October 15.
Same problem every year - holding up at least 8 tax returns for me on one simple form
From the other thread, my best guess is March 20th but am thinking to changing it to March 27th. The IRS really thought the Inflation Reduction Act had to do with inflation and didn’t realize 18 months ago that maybe the Form 5695 needed to be revised.
Is it just me, or are the IRS instructions for the 5695 still wrong, which is causing ProSeries to disallow credits erroneously?
The instructions say that if you answer no on line 17a in Section A of Part II to indicate that the improvements are not on your main home, then "you can't take the energy efficient home improvement credit."
That is NOT correct. If you answer no to 17a it should say "you can't take a credit for and Qualified Energy Efficiency Improvements in Section A."
Your answer to the questions on 17a, specifically the one about whether the improvements were made to your main home should have NO BEARING on your ability to take credits for Residential Energy Property Expenditures in Section B of Part 2.
But, because the instructions say what they say, ProSeries is disallowing the credits in Section B erroneously.
Should I just check the box for Main Home on line 17 even though I'm not claiming credits for any improvements in Section A? I think I just answered my own question. What a waste of time!!
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