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hdt1980
New Member

Can you still enter a FHA loan repayment amount on line 60b? My taxes were rejected last year and a amendment had to be made. turbotax 2017 doesn't seem to allow it.

 
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Opus 17
Level 15

Can you still enter a FHA loan repayment amount on line 60b? My taxes were rejected last year and a amendment had to be made. turbotax 2017 doesn't seem to allow it.

You may need to see a tax professional.

You were supposed to report the sale in 2010.  At that time, you were supposed to file form 5405 and you owed full repayment from the sale proceeds, or partial repayment, or no repayment, depending on the financial circumstances.  After filing the form, you owe no further payments.  

You need to file an amended return for 2010 reporting the sale.  Turbotax does not support 2010 any more so you need to either do it yourself by downloading the 2010 forms and instructions from the IRS web site, or see a tax professional.  You will also need financial documents from the sale of the home (which you should have saved for 7 years anyway.)

Then for 2011-2016, you owed no payments.  It is too late to amend to get refunds of the payments from 2011-2013, but you can amend your 2014, 2015 and 2016 returns to get your payment back, after you amend 2010 to report the sale.  Be aware the deadline to amend your 2014 return is April 15, 2018.

You owe nothing in 2017, leave the repayment off your return and print and mail your return.  When the IRS mails you about the missing payment, tell them you sold the home in 2010 and are adjusting your prior return.  (That's also what you should have done last year if you made no payment and then the IRS contacted you.)

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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6 Replies
Opus 17
Level 15

Can you still enter a FHA loan repayment amount on line 60b? My taxes were rejected last year and a amendment had to be made. turbotax 2017 doesn't seem to allow it.

It's not an FHA loan, it's the first time homebuyer "Credit" from 2008.  When did you move out of the home where you got the credit?
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
hdt1980
New Member

Can you still enter a FHA loan repayment amount on line 60b? My taxes were rejected last year and a amendment had to be made. turbotax 2017 doesn't seem to allow it.

I bought the home in 2008, and sold it in 2010.
Opus 17
Level 15

Can you still enter a FHA loan repayment amount on line 60b? My taxes were rejected last year and a amendment had to be made. turbotax 2017 doesn't seem to allow it.

You may need to see a tax professional.

You were supposed to report the sale in 2010.  At that time, you were supposed to file form 5405 and you owed full repayment from the sale proceeds, or partial repayment, or no repayment, depending on the financial circumstances.  After filing the form, you owe no further payments.  

You need to file an amended return for 2010 reporting the sale.  Turbotax does not support 2010 any more so you need to either do it yourself by downloading the 2010 forms and instructions from the IRS web site, or see a tax professional.  You will also need financial documents from the sale of the home (which you should have saved for 7 years anyway.)

Then for 2011-2016, you owed no payments.  It is too late to amend to get refunds of the payments from 2011-2013, but you can amend your 2014, 2015 and 2016 returns to get your payment back, after you amend 2010 to report the sale.  Be aware the deadline to amend your 2014 return is April 15, 2018.

You owe nothing in 2017, leave the repayment off your return and print and mail your return.  When the IRS mails you about the missing payment, tell them you sold the home in 2010 and are adjusting your prior return.  (That's also what you should have done last year if you made no payment and then the IRS contacted you.)

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
hdt1980
New Member

Can you still enter a FHA loan repayment amount on line 60b? My taxes were rejected last year and a amendment had to be made. turbotax 2017 doesn't seem to allow it.

Thank you for your detailed answer.
hdt1980
New Member

Can you still enter a FHA loan repayment amount on line 60b? My taxes were rejected last year and a amendment had to be made. turbotax 2017 doesn't seem to allow it.

Hi, i have checked my current first time home buyer credit through the IRS, and owe them about 1200.00 i would like to enter the repayment amount on this years to be complete with it.  How do i enter the amount on line 60b of the 1040?  It seems Turbo tax isn't allowing me.  Please help!
Opus 17
Level 15

Can you still enter a FHA loan repayment amount on line 60b? My taxes were rejected last year and a amendment had to be made. turbotax 2017 doesn't seem to allow it.

You can't pay extra using Turbotax.   You might be able to override the form.  But you don't actually owe anything because you should have paid off the credit in 2010.  

You may need to discuss this with a tax professional.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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