I need to complete this form. Can I complete this form with Turbo tax or do I need to see a prefessional?? Form 5405, Repayment of the First-Time Homebuyer Credit

[MichaelDC]

You should easily be able to complete the Form 5405. The form is available in TurboTax Deluxe and higher. Let us know if you need any help in the comment section.

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, 2017).

·         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.

4.       Enter the purchase date and then select Continue.

5.       Follow the onscreen instructions.

[IvyBG]

I finally figured out why these instructions didn't work for me.
Even if you sold your home previously (2012 for me), you still need to select that you lived in the home until whatever your tax year. So I needed to put in 2021.
If you answer Yes to 2nd question because you no longer lived in the house, the system won't allow you to go further and add form 5405.
If you say you lived in a home you didn't live in (because you sold it) then the system will take you further and you will be able to finally say you sold the home. It will proceed to ask when you bought it and when you sold it.
After putting the price in for the bought home, the correct Homeowner Credit Repayment will show up on your final tax return document 1040.

This was so frustrating and it took several live agents to figure out I needed to put incorrect dates to satisfy the programmed system to get through.

I hope it hopes someone out there with the same issue!

[Gdlehrl]

I am glad this worked for you. They system refused my entry because the actual sold date was before the current year. 

I think TurboTax needs to streamline this easier. 

My issue is further compounded - once you submit the 5405 with Disposition to the IRS - this should clear their system, for me not so luck. Speaking with an IRS agent on the matter just now - and she seemed shocked that I have had to submit the 5405 for many many years and I am still having trouble. Hopefully with the term ending after this year - no one will even have to bother.