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"New" 5405 First Time Homebuyer Form


taxtrio

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Talked to the IRS efile dept today..

They have absolutely no idea when 5405 will be ready to efile. They said you might as well paper file the return;

she said refunds have been taking about 4 weeks when mailed in... "So many people are efiling, there is less for the paper file dept to handle lately".

But another option is to only claim the 7,500.00 on the efile and then ammend for the extra 500.00.

Taxtrio

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I don't mean to sound stupid but......What do you mean amend for the other $500?

New stimulus law passed in February increased total credit to $8,000 on homes purchased 1-1-09 thru 12-31-09. The aforementioned tax credit can be claimed on taxpayers' 2008 returns and still have the no pay back provision unlike taxpayers who bought after 4-8-08 and before 1-01-09. Someone correct me if I am wrong, please.

Ain't taxes fun?

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New stimulus law passed in February increased total credit to $8,000 on homes purchased 1-1-09 thru 12-31-09. The aforementioned tax credit can be claimed on taxpayers' 2008 returns and still have the no pay back provision unlike taxpayers who bought after 4-8-08 and before 1-01-09. Someone correct me if I am wrong, please.

Ain't taxes fun?

That's the way I understood it as well. Some happy clients, some not so happy!

Yes, Taxes are fun! (most of the time)

Deb!

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Thanks Deb and Cathy-

This is my understanding as well and thought the $500 additional only applied to 2009 home purchases but I just wanted to make sure my understanding was correct as well. Also, I've only had a client buy in 2008 so haven't had to think about 2009 purchases. I'm having trouble staying caught up on all the tax law changes. I guess you could call it fun but frustrating might be more like it. Any one else want to weigh in?

Julie

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I agree, but client is very, very, impatient. Needs money to buy appliances for new house. Everything today is instant!! And they want it all, they want it now, and they want it delivered!!

She wants as much as she can get as soon as she can get it.... Oh, well no reasoning with some people.

Taxtrio

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I dont know if i missed the begining of this convo, but i have recently filed a client who closed on Jan 31st 2009. I efiled the return with 5405 attached for the 7500. Then the new law came and she qualifies for the additional 500. I automatically assumed and told her that I would have to amend to get the additional credit amount for them. Apparently those who are filing post new law dont have the new 5405 that reflects the 8000 credit so they will have to do the same.....am i in the boat or still in the water???? LOL!

By the way, she already recieved her $10,000+ refund!!! LUCKY GIRL!!!!

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  • 4 months later...

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