Work Form Home – Is there way to e-file form 5405 Home buyers Tax credit?
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Question by Shantel D: Is there way to e-file form 5405 Home buyers Tax credit?
I tried doing my taxes online through turbotax however was informed at the end that I would need to mail in a paper copy of taxes instead of e-filing due to home buyers tax credit form 5405. Is there any way I can e-file instead of having to wait 6 weeks for a refund.
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Answer by Willie J
No, at least right now
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No
You must attach documentation regarding your home or the credit will be disallowed.
No, there’s no way to e-file Form 5405. If you are amending your 2008 return to claim the credit for a purchase prior to Nov 7, 2009 that has to be mailed. If you are claiming the credit on your 2009 return then you must use the new version and must mail in your return. You MUST attach proof of purchase and there’s no way to do that electronically.
BTW, the processing time for the FTHB credit ran 4 to 5 months on amended returns last year. Original filings with 2009 returns MIGHT be processed slightly faster but don’t take that as gospel. If your refund includes any excess withholdings you may receive that in the normal time window (3 to 6 weeks) depending upon how you choose to receive it) and the FTHB will follow in a few months.
Returns with Form 5405 can not be e-filed as the IRS requires documentation of the purchase of a home. I have been e-filing my clients returns without the Form 5405 so they can quickly get their regular refund. A couple of days later I file an amendment to include the Form 5405 claim. Also the wait for a return with a Form 5405 is not 6 weeks it is much longer. The IRS does not plan on starting the processing of these returns until March and last year they were running more like 12 to 16 weeks to process FTHBC returns.
The last I heard no. You need to send copies of settlement papers which e-file is not equipped to handle. I wish they had some way to upload scanned copies. But anyways, it can take more than the 6 weeks you expect as there were numerous frauds in this credit last year. Hard luck but the money is worth the wait. The sooner you file the better as you will beat the rush.
If you are expecting a sizable refund even without 5405, you can e-file your regular taxes first, get the refund quickly, and then file an amendment 1040x with the 5405 later and get the homebuyer’s credit later and slower.
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