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5 Things to Know Before You Claim Your Energy Tax Credit: Part 1
Some of the materials you may need this year include receipts, forms, and manufacturer certification statements from any energy-efficient purchases you made last year. Take another look at which products are eligible for energy efficiency tax credits.
If you bought one of these products that qualify for a tax credit, there are a few things you should know:
Know Your Forms Use the 2009 version of the IRS tax form 5695. Submit this form with your taxes. On the 2009 1040 form, claim your credit on line 52. You cannot file the 1040 EZ form or 1040A form if you want to claim the energy efficiency tax credits. Keep your receipt and manufacturer certification statement for your records, but you do not need to submit these with your taxes. Know Your Credit Maximums For energy efficiency products, you can purchase one or more products and receive a 30% credit, for a maximum credit of $1,500. This maximum applies to the two year period of 2009 and 2010; if you receive the maximum in 2009, you are not eligible for more credits in 2010. If you only receive, say, a $700 credit in 2009, you can still purchase more products in 2010 ... more

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