Get 2016 Form 5695

Filling out the 2016 Form 5695, which is used for claiming residential energy credits, can be straightforward with the right guidance. This guide will provide you with step-by-step instructions to complete the form online efficiently.

Follow the steps to successfully complete your Form 5695 online.

1. Click ‘Get Form’ button to obtain the document and display it in your online workspace.
2. Enter the name(s) as they appear on your tax return in the designated field. Ensure that spelling is correct to avoid any processing issues.
3. Provide your social security number in the required section. This is critical for the form to be associated with your tax profile.
4. Move to Part I for the Residential Energy Efficient Property Credit. Only complete this part if you do not have a credit carryforward from 2015.
5. Begin with line 1 by entering qualified solar electric property costs. Follow through lines 2 to 4 to include any applicable costs for solar water heating, small wind energy, and geothermal heat pumps.
6. Calculate the total by adding together lines 1 through 4 in line 5. Be careful with the calculations to ensure accuracy.
7. In line 6, multiply the total from line 5 by 30% (0.30) to calculate your credit claim for these properties.
8. Next, answer question 7a regarding the installation of qualified fuel cell property on your main home. If applicable, fill in the address where the fuel cell is located.
9. Enter qualified fuel cell property costs in line 8 and multiply that by 30% in line 9.
10. Follow through with lines 10 and 11 to report the kilowatt capacity of the property and determine the smaller credit claim.
11. Proceed to calculate any credit carryforward from 2015 as indicated in line 12.
12. Add together the amounts from lines 6, 11, and 12 in line 13 to find your total potential credit.
13. Complete lines 14 to 16 as per the instructions, including limitations based on tax liability and any carryforward to future years.
14. For Part II, answer the questions regarding nonbusiness energy property credits, ensuring that you check the eligibility of your main home.
15. Fill out all required fields for energy efficiency improvements and associated costs, responsibly following the guidelines provided for qualifying expenditures.
16. After filling in all sections, review the entries to ensure all information is accurate. Save your changes, and download or print the completed form for submission.

Complete your documents online to secure your home energy credits today.