Common questions on entering individual Form 5695 in ProConnect Tax
by Intuit• Updated 9 months ago
What's new for Form 5695 for tax year 2023:
Energy efficient home improvement credit: The nonbusiness energy property credit has changed to the energy efficient home improvement credit. The credit is extended to property placed in service through December 31, 2022. See here for more information.
Residential clean energy credit: The residential energy efficient property credit has changed to the residential clean energy credit. The credit rate for property placed in service in 2022 through 2033 is 30%. See here for more information.
Get answers to frequently asked questions about entering information from Form 5695, Residential Energy Credits, in the individual module of Intuit ProConnect. Refer to Form 5695 instructions for additional information and limitations.
To generate Form 5695, Energy efficient home improvement credit starting in tax year 2023:
- Go to the Input Return tab.
- From the left of the screen, select Credits and choose CTC, EIC, Oth Credits.
- From the top of the screen, select the Home tab.
- Locate the Residential Clean Energy Credit (5695) section.
- Complete the following applicable information:
- Solar electric property costs (Form 5695, Part I, line 1).
- Solar water heating property costs (Form 5695, Part I, line 2).
- Fuel cell property costs (Form 5695, Part I, line 8).
- Kilowatt capacity of fuel cell property (xx.xx) (Form 5695, Part I, line 10).
- Small wind property costs (Form 5695, Part I, line 3).
- Qualified geothermal heat pump property costs (Form 5695, Part I, line 4).
- Any entry in the field Residential energy efficient property credit (Form 5695) [Override] will override the program's automatic calculation of the credit, and suppress Form 5695.
To generate the Residential clean energy credit starting in tax year 2023:
- Go to the Input Return tab.
- From the left of the screen, select Credits and choose CTC, EIC, Oth Credits.
- From the top of the screen, select the Home tab.
- Scroll down to the section Energy Efficient Home Improvement Credit (5695).
- Complete the following applicable information:
- 1= improvements and costs were not made to main home located in U.S. (Form 5695, Part II, line 17a).
- 1= some expenses used in construction (Form 5695, Part II, line 17c).
- Insulation or system reducing heat loss or gain (Form 5695, Part II, line 19a).
- Exterior windows or skylights (Form 5695, Part II, line 19d).
- Exterior window costs from [first prior year] (Form 5695, Part II, line 19f).
- Exterior window costs from [second prior year] (Form 5695, Part II, line 19f).
- Exterior window costs from [third and fourth prior year] (Form 5695, Part II, line 19f).
- Exterior window costs from [fifth and sixth prior year] (Form 5695, Part II, line 19f).
- Exterior doors (Form 5695, Part II, line 19b).
- Qualified metal or asphalt roof (Form 5695, Part II, line 19c).
- Energy-efficient building property (Form 5695, Part II, line 22a).
- Qualified furnace or hot water boiler (Form 5695, Part II, line 22b).
- Circulating fan used in furnace (Form 5695, Part II, line 22c).
- Qualified cost paid by other joint owner (after maximum dollar limitation).
- This entry causes the limitation on line 6 of Form 5695 to be prorated. This isn't necessary for spouses filing a joint return.
- Any entry in Energy Efficient Home Improvement Credit (5695) [Override] will override the program's automatic calculation of the credit, and suppress Form 5695.
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