First-Time Homebuyer Credit

[Chant1229]

My wife and I received the first-time home buyer credit.  We had been paying it off by the $500 yearly rate.  Last year, I went ahead and paid off the rest of the loan.  The IRS website shows that we don't owe anymore either.  What should I do if we still live in the home as our main residence?  Turbo Tax doesn't allow for me to not pay the $500 again.

Thank you.

[AmyC]

You need to go into the section and let the program know that you have finished paying the debt. Follow these steps:

1. Open your return
2. Go to federal deductions and credits
3. Scroll to Homebuyer Credit Repayment, start/ edit/ update/ revisit
4. Select Yes, main home, enter date of purchase, continue
5. continue
6. Yes, main home, continue
7. Enter original homebuyer credit and amount repaid - matching amounts in your case.
8. continue
9. your minimum payment this year is zero
10. continue