To add a repayment of the first time
homebuyers credit follow these steps:
- Sign in to your TurboTax account
- Click on Federal Taxes tab
- Choose Deductions & Credits
- Scroll down to Your Home
- Click Start to right of Homebuyer Credit
Repayment.
-
Work through screens and watch for screen titled " Enter Your 2008 Homebuyer Credit" (see
screen shot below)
- You will need to enter the total original credit amount
received and what you have paid back so far (see below homebuyer credit
look-up link below if you need this information).
- The next screen "
Your Homebuyer Credit Repayment
Summary" will tell you what your minimum repayment is for the current
year and an option to pay additional if desired or required. (see screen
shot below)
- If you would like to pay an additional amount, click
button to left of I'd like to repay more than the minimum amount
due and enter amount in box (notice the Note:This amount
will be added to your 2016 tax bill)
You may need to
upgrade your TurboTax version. Form 5405 First-Time Homebuyer Credit
and Repayment of the Credit is available in TurboTax Online Deluxe,
Premier, and Self-Employed versions.
If you do not have copies of your old returns and need help
finding the amount of your original credit and/or the amount you've paid back so far, The
IRS has a great First Time Homebuyer Credit Account Look-Up tool:
First Time Homebuyer
Credit Account Look-up
You will need:
- Social
Security number (or
your IRS Individual Taxpayer
Identification Number);
- Date of
birth;
- Street
address; and
- ZIP Code.
For more information and directions: IRS First Time
Homebuyer Credit Account Look-up
