taxtrio Posted March 5, 2009 Report Posted March 5, 2009 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 Quote
imjulier Posted March 5, 2009 Report Posted March 5, 2009 I don't mean to sound stupid but......What do you mean amend for the other $500? Quote
Cathy Posted March 5, 2009 Report Posted March 5, 2009 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? Quote
Tax Prep by Deb Posted March 5, 2009 Report Posted March 5, 2009 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! Quote
imjulier Posted March 5, 2009 Report Posted March 5, 2009 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 Quote
TAXBILLY Posted March 5, 2009 Report Posted March 5, 2009 The new law covers purchases from 1/1/2009 to 11/30/2009, not 12/31/2009. Why? Just to make things more complicated. Why not just paper file and save the client the cost of amending later? taxbilly Quote
taxtrio Posted March 5, 2009 Author Report Posted March 5, 2009 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 Quote
TAXBILLY Posted March 6, 2009 Report Posted March 6, 2009 It never ceases to amaze me how the clients are willing to give the government an interest free loan on their "big" refund during the year but then want us to rush the paperwork so that they can get their refund instantly. taxbilly Quote
taxguy057 Posted March 6, 2009 Report Posted March 6, 2009 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!!!! Quote
liveirisjul Posted July 9, 2009 Report Posted July 9, 2009 Yeah I guess you could call it fun but frustrating that might be more like it... ________________ Tax problems Quote
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