Solved: I have a first time home owners loan to pay back out of my tax return. Where does it show up on turbo tax forms?
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I have a first time home owners loan to pay back out of my tax return. Where does it show up on turbo tax forms?

 
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New Member

I have a first time home owners loan to pay back out of my tax return. Where does it show up on turbo tax forms?

It will appear on Line 60b on Schedule 4.

Form 5405 (Repayment of the First-Time Homebuyer Credit) figures the repayment amount (actually, an additional tax) for the 2008 First-Time Homebuyer Credit. The 5405 is also used to notify the IRS that the home was disposed of or ceased to be your main home.

Here's how to enter – or delete – Form 5405:

  1. Open (continue) your return if you don't already have it open.
  2. Inside TurboTax, search for homebuyer credit and then select the "Jump to" link in the search results.
  3. On the Tell us about your homebuyer credit screen, answer Yes to the first question (it was still your main home on January 1, 2018).
  • To delete an unwanted 5405, answer Yes to the second question (it stopped being your main home). Then select Continue and answer Yes on the next screen. You're done.
  • Enter the purchase date and then select Continue.
  • Follow the onscreen instructions.

  • View solution in original post

    1 Reply
    New Member

    I have a first time home owners loan to pay back out of my tax return. Where does it show up on turbo tax forms?

    It will appear on Line 60b on Schedule 4.

    Form 5405 (Repayment of the First-Time Homebuyer Credit) figures the repayment amount (actually, an additional tax) for the 2008 First-Time Homebuyer Credit. The 5405 is also used to notify the IRS that the home was disposed of or ceased to be your main home.

    Here's how to enter – or delete – Form 5405:

    1. Open (continue) your return if you don't already have it open.
    2. Inside TurboTax, search for homebuyer credit and then select the "Jump to" link in the search results.
    3. On the Tell us about your homebuyer credit screen, answer Yes to the first question (it was still your main home on January 1, 2018).
    • To delete an unwanted 5405, answer Yes to the second question (it stopped being your main home). Then select Continue and answer Yes on the next screen. You're done.
  • Enter the purchase date and then select Continue.
  • Follow the onscreen instructions.

  • View solution in original post

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