Common questions for Residential Energy Credits Form 5695 in ProSeries

In this article, you'll find answers and resources to frequently asked questions about Form 5695 Residential Energy Credits in ProSeries:

What's new for tax year 2024:

• A new check box has been added in Part II of Form 5695 below line 32 to indicate that the special rule for joint occupants apply.

Generating the 5695 in ProSeries:

1. Open the tax return.
2. Press F6 to bring up Open Forms.
3. Type 5695 to highlight the Form 5695 and click OK to open the form.
4. For any new Energy efficient property complete the Residential Clean Energy Credit Smart Worksheet.

Instructions for Married Filing Jointly

For Copy 2 of Form 5695:

• Only taxpayers filing a joint return who both owned and lived apart in separate main homes may file copy 2 of Form 5695.
• Complete the first copy of Form 5695 for the taxpayer's main home before completing the second copy of the spouse's home.
• Copy 2 should only be completed by married taxpayers filing jointly who lived in more than one home that they used as a home and have any Part II improvements.
• If there are improvements for both homes that are entered in Part I, combine the expenses for both homes for the Residential Energy Efficient Property improvements and enter them on the smart worksheet of the first copy of Form 5695.

Instructions for Joint Occupants

Share costs of Joint Occupants:

• These rules don't apply to a husband and wife who are filing a joint return.
• If the taxpayer occupied a home jointly and shared the cost of energy efficient property, you must figure the amount allocable to the taxpayer.
• Use the Joint Occupant Worksheet to help you calculate the taxpayer's proportionate share of the total cost.

See the IRS Government Instructions for Form 5695 for more information.