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juttymoe
New Member

I have not worked this year due to car accident. How would I repay my first time home buyers credit without w2s? I did get a settlement plan on paying it in full.

 
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AmyT
New Member

I have not worked this year due to car accident. How would I repay my first time home buyers credit without w2s? I did get a settlement plan on paying it in full.

If you have the funds available for the credit repayment by April 18, 2017, you may want to consider filing and making the payment on your return - it will probably be the simplest solution.

If filing a return for the repayment is not a (good) option, it would be a good idea to contact the IRS directly to let them know how you plan to make the payment this year.  

It can be almost impossible to get through using the national (800-829-1040) phone number.  If possible, you may want to contact your local IRS office.

Please see this website (https://www.irs.gov/help-resources/contact-your-local-irs-office) to locate your local IRS office.  

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4 Replies
AmyT
New Member

I have not worked this year due to car accident. How would I repay my first time home buyers credit without w2s? I did get a settlement plan on paying it in full.

Do you plan to file an income tax return for 2016?
juttymoe
New Member

I have not worked this year due to car accident. How would I repay my first time home buyers credit without w2s? I did get a settlement plan on paying it in full.

Thanks for the reply. I do not plan to file due to I have not worked but I do plan on paying the full amount of my credit with the money I have received from my car accident settlement
AmyT
New Member

I have not worked this year due to car accident. How would I repay my first time home buyers credit without w2s? I did get a settlement plan on paying it in full.

If you have the funds available for the credit repayment by April 18, 2017, you may want to consider filing and making the payment on your return - it will probably be the simplest solution.

If filing a return for the repayment is not a (good) option, it would be a good idea to contact the IRS directly to let them know how you plan to make the payment this year.  

It can be almost impossible to get through using the national (800-829-1040) phone number.  If possible, you may want to contact your local IRS office.

Please see this website (https://www.irs.gov/help-resources/contact-your-local-irs-office) to locate your local IRS office.  

I have not worked this year due to car accident. How would I repay my first time home buyers credit without w2s? I did get a settlement plan on paying it in full.

You actually have a filing requirement if any of the first time homebuyer credit is subject to recapture (i.e. repayment). Besides the gross income rules, there are several other things which may require a filing of a return.  See the link below for IRS Form 1040 Instructions (page 10, Chart C - Other Situations when you must file.) You will prepare your return and the pay the recapture amount with your return.


IRS Form 1040 instructions

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf


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