taxguy057 Posted February 19, 2011 Report Posted February 19, 2011 I have a client who received the first time home buyers credit in 2008. Of course this year have to payback the 500.00 installment. I submitted the return filling out section IV on page two of form 5405 and recieved an error stating "First-Time Homebuyer Credit Repayment Amount cannot exceed the credit received." Now if memory serves me correct and there hasnt been a change in our numbers system as we now it, isnt 7500.00 more than 500.00?? LOL! What have I screwed up?? Thx! TG Quote
Eli Posted February 19, 2011 Report Posted February 19, 2011 I have a client who received the first time home buyers credit in 2008. Of course this year have to payback the 500.00 installment. I submitted the return filling out section IV on page two of form 5405 and recieved an error stating "First-Time Homebuyer Credit Repayment Amount cannot exceed the credit received." Now if memory serves me correct and there hasnt been a change in our numbers system as we now it, isnt 7500.00 more than 500.00?? LOL! What have I screwed up?? Thx! TG Maybe just a glitch. Try updating and/or rebooting. Eli Quote
Ray in Ohio Posted February 19, 2011 Report Posted February 19, 2011 Did the taxpayer get the full $7500 credit. Whatever credit he received needs to be divided by 15 for his annual payback. Just an idea. Quote
Tax Prep by Deb Posted February 19, 2011 Report Posted February 19, 2011 Also, has his filing status changed? That could also affect the payback. My clients have been bringing in the letters they received from IRS. But in the case of a husband and a wife, each received a letter claiming the payback of 250.00. Just a thought! Deb! Quote
taxguy057 Posted February 20, 2011 Author Report Posted February 20, 2011 Did the taxpayer get the full $7500 credit. Whatever credit he received needs to be divided by 15 for his annual payback. Just an idea. Yes received 7500... Quote
taxguy057 Posted February 20, 2011 Author Report Posted February 20, 2011 Also, has his filing status changed? That could also affect the payback. My clients have been bringing in the letters they received from IRS. But in the case of a husband and a wife, each received a letter claiming the payback of 250.00. Just a thought! Deb! Was MFJ but house is in wife name but they filed together the year receiving the credit and this year so would that make a difference? And got letter from IRS which states they got 7500 credit and payback for next 15 yrs would be 500. Quote
Gail in Virginia Posted February 21, 2011 Report Posted February 21, 2011 Did you enter the $7500 on line 14 of Part IV, and check box b on line 16? You might want to delete those fields and re-do them to be sure there is not any extra space or something in there that is messing that up. The one that I have already filed went through just fine. Quote
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