I just started my taxes on the turbo tax website. I usually pick up the software but this time I decided to go ahead and do it online. In November I bought a stove and with all of the pipes installation etc I payed around 4700. Went I put this into the turbo tax website it said I was getting back $500. I'm guessing they haven't updated for new tax laws. Should I buy the software and hope it updates with the new pages? Anyone else having the same issue?
Turbo Tax?
- Thread starter dhungy
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Trickyrick
Feeling the Heat
dhungy said:
I've never used the online version, but i'm guessing it's about the same as the software version? You need to put the total amount spent on Form 5695, Line 3a "Energy Efficient Building Property". Your $4700 input there should give you a return of $1410.
We did our taxes using the On-Line version of Turbo Tax saturday, by entering our 2009 expenditures on qualified home energy saving improvents done on our home and we are eligable for a $1290 return.
We had no problems using the On-Line version whatsoever.
We had no problems using the On-Line version whatsoever.
krooser
Minister of Fire
defield
New Member
Have used TurboTax for years.
Install with a CD that arrives in November, or so, and select the update automatically feature.
As Macman stated, "You need to put the total amount spent on Form 5695, Line 3a “Energy Efficient Building Property"."
We had doors and windows ( entered on different lines) as well as the pellet stove. Recieved the $1,500 max.
You can enter different numbers, just to check the Turbo's calculations. If there is still a problem, Use their online support, or call in.
Good luck.
Ranger
Install with a CD that arrives in November, or so, and select the update automatically feature.
As Macman stated, "You need to put the total amount spent on Form 5695, Line 3a “Energy Efficient Building Property"."
We had doors and windows ( entered on different lines) as well as the pellet stove. Recieved the $1,500 max.
You can enter different numbers, just to check the Turbo's calculations. If there is still a problem, Use their online support, or call in.
Good luck.
Ranger
Update. Purchased the software today and I am still having the same problem! From what I can read if you don't owe any taxes or you are already getting a large refund you cant receive the entire credit?
dhungy said:
Please note....I am NOT a CPA, or a tax preparer, so anything i say here is purely from my own personal experience.
I can't comment on "if you owe no taxes", but I CAN say that getting a large refund has nothing to do with it, AFAIK. I am getting a pretty substantial refund, and got the entire Energy Credit I was due.
If you continue to have problems, I recommend what the old ranger said above....use their online tax help to sort it out.
geek
Minister of Fire
maybe you're getting a carry over for next year? Mine is doing that.
After putting my solar system cost plus the stove my carry over for next year is $1585. or so.
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After putting my solar system cost plus the stove my carry over for next year is $1585. or so.
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Bigjim13
Minister of Fire
dhungy said:
The credit is a "non refundable" tax credit. Which means that if you have NO tax liability for 2009, you can claim the credit but will not get it refunded. Bascially if you did not have to pay taxes in 2009 than you will NOT be getting that 30% credit in your refund.
I am also not a CPA but you can find this info on IRS.gov.
Any Idea if this will carry over next years credit?
ALso what If I choose not to take the credit and take it next year is that possible?
ALso what If I choose not to take the credit and take it next year is that possible?
SXIPro
Minister of Fire
Why did you buy the software if you already downloaded on line? Half the time if you buy the software it is out of date and you have to go online to update it anyhow.
And remember folks, if you always get a big refund, that is NOT a good thing. It just means you are giving the government an interest free loan all year.
And remember folks, if you always get a big refund, that is NOT a good thing. It just means you are giving the government an interest free loan all year.
UPDATE:
You are probably not seeing the entire amount of the credit because your credit is limited. It is limited to your overall tax liability on Form 1040 line 46 less some other credits.
Specifically, the allowed energy credit (nonbusiness energy property credit in part 1 of Form 5695, residential energy credits) is limited to your overall tax liability less any of these credits: foreign tax credit (form 1116), child & dependent care credit (form 2441), education credits (form 8863), credit for retirement savings contributions (form 8880), credit for elderly or disabled (schedule R).
To see this calculation on Form 5695, you'll see the preliminary credit on line 7, but your allowed credit (after the tax liability and credit limitation above) is shown on line 11. Hope this makes sense.
This credit is not refundable so once your tax is at zero, you will not receive any credit for energy efficient improvements.
Thank you.
TurboTaxJulie
You are probably not seeing the entire amount of the credit because your credit is limited. It is limited to your overall tax liability on Form 1040 line 46 less some other credits.
Specifically, the allowed energy credit (nonbusiness energy property credit in part 1 of Form 5695, residential energy credits) is limited to your overall tax liability less any of these credits: foreign tax credit (form 1116), child & dependent care credit (form 2441), education credits (form 8863), credit for retirement savings contributions (form 8880), credit for elderly or disabled (schedule R).
To see this calculation on Form 5695, you'll see the preliminary credit on line 7, but your allowed credit (after the tax liability and credit limitation above) is shown on line 11. Hope this makes sense.
This credit is not refundable so once your tax is at zero, you will not receive any credit for energy efficient improvements.
Thank you.
TurboTaxJulie
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