Question

We need to file a form 5405. The worksheet shows all the data entered correctly. The submitted form 5405 should have data then entered in section two but is blank. Help!

Forum|Forum|6 years ago
March 8, 2020
2 replies
0 views

No text available

TurboTax Online

J

JohnW152

Try deleting Form 5405 and re-inputting.

Please see the TurboTax Help article "How do I view and delete forms in TurboTax Online?" for guidance.

O

Opus 17

Employee

That form would only be used if you bought a home with the first time homebuyer credit in 2008, and sold or stopped using the home as your main home in 2019. If that is not what happened, please write back with more details.

H

handcraft3dAuthor

Home bought in 2008 and still in use. Credit repayment is not complete. I have a record of the balance still owed and in the interview section of TurboTax it correctly shows that I owe $500.00 this year. This is shown also on the 5405 worksheet. When submitted to the IRS (Twice), it get rejected-

Form 1040, Line 60b 'FirstTimeHmByrRepaymentAmt' must not be greater than the First Time Homebuyer Credit amount in the e-file database.

O

Opus 17

Employee

OK, if you only owe repayment and are still living in the house, you don't file form 5405. (Turbotax may create a worksheet, I don't know why.)

You only include your repayment on line 7b of schedule 2. (Line 60b is the old form, it seems the IRS did not update it's error message for the new tax form).

The error you are getting would seem to indicate that the amount of repayment on line 7b of schedule 2 is more than the IRS thinks you owe. So start by printing a copy of your return (or downloading the PDF) and check the amount on schedule 2 line 7b, also check the IRS FTHB database, and see if the figures agree and if they agree with your recall of what you think you owe.

https://www.irs.gov/credits-deductions/individuals/first-time-homebuyer-credit-account-look-up

https://www.irs.gov/taxtopics/tc611