E-filing and the First-Time Homebuyer Credit
E-filing and the First-Time Homebuyer Credit
QUESTION:
I qualify for the First-Time Homebuyer Credit but your application is telling me I cannot e-file if my return includes the tax form (5405).
ANSWER:
It's true. This year, the IRS is requiring all 2009 tax returns including form 5405 (First-Time Homebuyer Credit) be paper filed. So, if you're claiming the credit on your 2009 tax return, you won't be able to file electronically. Instead, you'll have to print and mail your return to the IRS along with a copy of your home purchase closing statement.
If you need to get at least part of your refund faster, you can prepare and e-file a 2009 return without the First-Time Homebuyer Credit and Form 5405. Once the IRS accepts your return, you can send in an amended return (Form 1040-X) claiming the First-Time Homebuyer Credit and including Form 5405 and the necessary closing documents.
H&R Block can help you prepare your amended return. If you choose to e-file using H&R Block At Home and amend your return to include the First-Time Homebuyer Credit, you can prepare your amended return in one of two ways.
When will I receive my refund?
If you e-file your return without claiming the First-Time Homebuyer Credit, you should expect to receive your refund within 8-15 days after the IRS accepts your return.
If you include the First-Time Homebuyer credit and Form 5405 in your return and print and mail it, the IRS will start processing your return in mid to late February. Your refund would arrive some time in March.
Amended returns are processed by the IRS after the tax season ends on April 15. The portion of your refund coming from the First-Time Homebuyer Credit would be mailed or direct deposited by the IRS within 8-15 days after they've completed processing of the amended return.
I qualify for the First-Time Homebuyer Credit but your application is telling me I cannot e-file if my return includes the tax form (5405).
ANSWER:
It's true. This year, the IRS is requiring all 2009 tax returns including form 5405 (First-Time Homebuyer Credit) be paper filed. So, if you're claiming the credit on your 2009 tax return, you won't be able to file electronically. Instead, you'll have to print and mail your return to the IRS along with a copy of your home purchase closing statement.
If you need to get at least part of your refund faster, you can prepare and e-file a 2009 return without the First-Time Homebuyer Credit and Form 5405. Once the IRS accepts your return, you can send in an amended return (Form 1040-X) claiming the First-Time Homebuyer Credit and including Form 5405 and the necessary closing documents.
H&R Block can help you prepare your amended return. If you choose to e-file using H&R Block At Home and amend your return to include the First-Time Homebuyer Credit, you can prepare your amended return in one of two ways.
If you're using the online product:
- Wait to receive IRS acceptance of your e-file return.
- Print a copy of your e-filed return and take it along with you're your home purchase closing statement to an H&R Block office near you. The tax professional will work with you to prepare the amended return for $12. Schedule an appointment today.
If you're using the desktop product:
- After you've received confirmation the IRS has accepted your return, open the H&R Block At Home desktop program.
- Open the return that you e-filed with the IRS.
- Click Federal and then Misc at the top of the page.
- Click Go To next to Amended Return (Form 1040X) and follow the instructions. Read step-by-step instructions for completing an amended return with H&R Block At Home software.
When will I receive my refund?
If you e-file your return without claiming the First-Time Homebuyer Credit, you should expect to receive your refund within 8-15 days after the IRS accepts your return.
If you include the First-Time Homebuyer credit and Form 5405 in your return and print and mail it, the IRS will start processing your return in mid to late February. Your refund would arrive some time in March.
Amended returns are processed by the IRS after the tax season ends on April 15. The portion of your refund coming from the First-Time Homebuyer Credit would be mailed or direct deposited by the IRS within 8-15 days after they've completed processing of the amended return.