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New Member
posted Jun 13, 2024 10:06:57 PM

Turbotax is not allowing me to add form 5405 it is defalting my response to something I didnt select

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2 Replies
Employee Tax Expert
Jun 20, 2024 12:00:36 PM

I recommend going through the repayment section again to ensure you are answering the questions correctly.

 

Assuming you sold your home that you previously received a first-time home buyer credit, please follow these steps to ensure the form populates correctly.

  1. Log back into TurboTax and select Deductions & Credits.
  2. Scroll down to the section titled Your Home and select start/revisit to the right of 2008 Homebuyer Credit Repayment.
  3. On the page titled "Tell us about your homebuyer credit," answer the question as applicable to your situation.  Pay attention to the dates on each option.  If you sold the home after January 1, 2023, you will need to select the option saying it was still your main home on January 1, 2023.  Be sure to enter the date of purchase.
  4. Proceed through the screens and answer the questions as they apply to your specific situation.
  5. When you get to the screen titled "At the end of 2023, did you still live in the home you bought in 2008," select no and enter the date the home was no longer used as your main home.  Be sure to select the applicable box as well below the date regarding government orders.
  6. Proceed to answer the questions on the following screens as prompted.
  7. Once you have entered all of the requested information, you will reach a screen titled "About your Homebuyer credit repayment" that will tell you how much you have to pay back.  This will also generate Form 5405 if needed.

 

Level 15
Jun 20, 2024 12:34:04 PM

If you indicate that you stopped living in the home before Jan 1, 2023, the program will not let you make a $500 payment.  You were supposed to file the form in the year you stopped using the home as your main home, to report the facts and possibly repay the balance.

 

When did you stop living in the home?  And why?