Why is turbo tax getting the homebuyers credit repayment set up this year and not in 2010?

The program goes with your answers to questions. Review your answers. Are you saying that you have not been making the payments each year? Did you move out so that you must repay the debt or some other situation? Can you clarify your situation?

This was the first year that it asked us about the 2008 Homebuyers Credit when completing our taxes. It asked for the date we purchased our home and I accidentally entered 2008 instead of 2009. We actually bought our home in 2009. We are still residing in the home as our primary residence currently. I thought that if we remained in the home for 3 years after receiving the credit that we did not have to repay it? This year they took $500 out of our taxes for repayment. 

No, if you bought your home in 2009, not 2008, you don't have to repay the credit, unless you sell your home  during the first fifteen years and have a profit.

 

This is an issue this year only because you entered 2008 as the year of purchase. 

 

If you haven't filed your 2023 tax return yet, delete the repayment form:

 

1. Open your return in TurboTax.
2. Select Deductions & Credits.
3. In the left-side menu, select Tax Tools, then Tools.
4. Select Delete a form, from the list in the pop-up window. 
5. Select Delete next to Form 5405.
6. Confirm your Delete, select Continue, then Continue with my return.
7. Select Review from the left-side menu.
8. Continue through the review process and file section to e-file your return.

 

If you have already filed your tax return, you will need to wait until after February 15 and amend your return to delete this form. Follow this link for more details.