Get Irs Form 5695 2020

Filling out the IRS Form 5695 is an important step for individuals seeking to claim residential energy credits. This guide will provide you with a detailed walkthrough of each section of the form to ensure accurate completion.

Follow the steps to complete the IRS Form 5695 accurately.

1. Click ‘Get Form’ button to obtain the form and open it in the online editor.
2. Begin by entering your social security number and the names shown on your tax return at the top of the form.
3. In Part I, starting from line 1, input the qualified solar electric property costs. If you do not have any, leave this line blank.
4. Continue to enter qualified solar water heating property costs on line 2 and qualified small wind energy property costs on line 3, following the format set by the form.
5. On line 4, input the qualified geothermal heat pump property costs. Ensure all amounts are accurately calculated.
6. Add lines 1 through 4 together on line 5.
7. Multiply the total from line 5 by 26% and enter the result on line 6.
8. Proceed to line 7a and answer if qualified fuel cell property was installed in your main home. Select ‘Yes’ or ‘No’.
9. If you selected ‘Yes’, print the complete address of the main home where the fuel cell property was installed on line 7b.
10. Input the qualified fuel cell property costs on line 8 and calculate 26% of that amount for line 9.
11. Enter the kilowatt capacity of the property related to line 8 on line 10.
12. Determine and enter the smaller of line 9 or line 10 on line 11.
13. If you had a credit carryforward from 2019, input that amount on line 12.
14. Add lines 6, 11, and 12 together on line 13.
15. Refer to the Residential Energy Efficient Property Credit Limit Worksheet for line 14 and enter the result.
16. On line 15, enter the smaller amount from line 13 or line 14. This is your residential energy efficient property credit.
17. If applicable, enter the credit carryforward for the next year on line 16.
18. For Part II, confirm if the improvements were for your main home in the United States on line 17a.
19. If applicable, input details about improvements that were part of construction on line 17c.
20. Input the relevant amounts for qualified energy efficiency improvements following the specific lines as outlined in Part II.
21. Add lines as necessary, following the calculations indicated throughout the form.
22. Finally, review all entries for accuracy and then save changes, download, print, or share the completed form as required.

Complete your IRS Form 5695 online to take advantage of residential energy credits today.