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Old 02-28-2009, 08:16 AM
 
596 posts, read 2,494,735 times
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Can you guys clarify something for me? The $8,000 home buyer tax incentive is a means of reducing the amount of taxes you owe in 2009, right? So in in 2010, when we do our taxes, we can get a break on what we have to pay, or what we already paid over the 2009 year, correct?

I have read people excitedly discussing how they will spend this money, and some even talked about getting it in 2009, and not in the 2010 tax prep season. This is why I want clarification, because if I am missing something I want to know. If you have paid your taxes properly throughout the 2009 year and come up even and dont owe, do you then get this money back - is this what everyone is excited about, is it a bonus check?
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Old 02-28-2009, 08:25 AM
 
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Yes.

Examples - if you owe $5,000 after your taxes, you would get that wiped out and then receive $3,000.

If your normally receive a a refund of say - $2500. You would get $10,500.

Good luck
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Old 02-28-2009, 09:52 AM
 
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People are talking about spending it, because the bill has a provision which allows people to treat a house purchased in 2009 as if it were bought on 12/31/08. You can claim it on your 2008 taxes, original return or amended, or wait 'till next year if you prefer.

First-Time Homebuyer Credit
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Old 02-28-2009, 01:19 PM
 
596 posts, read 2,494,735 times
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Thanks for your responses.

I dont know if this pertains to any of you, but if so, did you file an amended return? Do we just get the form 5405 or whatever it is, fill it out and mail it in? It seems like the IRS hasnt fixed it so the amendments can be e-filed yet.
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Old 02-28-2009, 02:06 PM
 
163 posts, read 598,188 times
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I think you need a 1040X for an amendment and the form for the first time homer buyer credit, and I have the corrected forms.
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Old 02-28-2009, 02:27 PM
 
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What do you mean by a corrected form?

Are you just mailing it in, or have they devised a way to e-file yet? Thanks bls8195
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Old 03-01-2009, 07:12 AM
 
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There is no way to e-file an amended return at this time. You'll need to file the Form 5405 ALONG WITH a Form 1040X. If you have trouble with the X you can call the toll-free number and you'll be connected to someone that can assist you/answer questions about entries on the X. Don't forget to sign the Form 1040X (both need to sign if a joint filing), remember to include the add'l form 5405 and be patient...processing is 8-12 weeks!
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Old 03-01-2009, 02:10 PM
 
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Do any of you know when the deadline is to file these amendment forms?
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Old 03-01-2009, 04:25 PM
 
397 posts, read 734,700 times
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Quote:
Originally Posted by jctx View Post
Do any of you know when the deadline is to file these amendment forms?
4/15/2012...3 years from due date of original return
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Old 03-02-2009, 09:06 AM
 
Location: Ocean County, NJ
228 posts, read 1,007,983 times
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I'm buying a house in June 09 and filed for the credit. But then after e-filing I go this email saying it was rejected.

Hopefully they get their systems fixed soon. I want the money for appliances lol.

The TaxACT Electronic Filing Department has received notice that the Federal electronic return for JOE D SCHMOE was rejected by the Internal Revenue Service on 02/28/2009. The Federal electronic return was rejected due to the error(s) shown below:
Form/Schedule: Form 1040 - U.S. Individual Income Tax Return
Form Copy: 1
Error Code: 356
Error Description: At this time the IRS is not allowing the new first-time homebuyer credit amount of $8000 to be electronically filed. The IRS does not have an exact date when their systems will be updated however, the IRS is working diligently to update their systems and have given us an estimated timeframe of in the next 2 weeks. You can try to resubmit then or file a paper return. Electronic filing is still a much faster and secure way of filing your taxes. Form 1040- First Time Home Buyer Credit of Form 1040 cannot exceed $4,000 when Married Filing Separate and $8,000 for all other filing status. If First Time Home Buyer Credit on Form 1040 is significant, then the Adjusted Gross Income of Form 1040 cannot exceed $170,000 when Married Filing Joint and $95,000 for all other filing status.
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