Discussion:E-file & first time homebuyer credit
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| Revision as of 15:15, 14 March 2009 Kathyt (Talk | contribs) (Update for those) ← Previous diff |
Current revision Taxestaxes (Talk | contribs) (Update- a little) |
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| "As a result, e-file is rejecting Forms 5405 (Home Buyer Credit). Also, it appears IRS is holding returns with the paper Form 5405 attached. ''IRS sources tell E@lert that the Service should be able to process the paper Form 5405 starting on March 16 and the e-file version of the form on March 30..."'' | "As a result, e-file is rejecting Forms 5405 (Home Buyer Credit). Also, it appears IRS is holding returns with the paper Form 5405 attached. ''IRS sources tell E@lert that the Service should be able to process the paper Form 5405 starting on March 16 and the e-file version of the form on March 30..."'' | ||
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| + | {{ForumReplyPost|UserID=Taxestaxes|Date=13 April 2009|Text=Update- a little in the season but oh well!! lol | ||
| + | My efiles have went thru claiming the 2009 $8000 credit on 2008 return.}} | ||
Current revision
Discussion Forum Index --> Basic Tax Questions --> E-file & first time homebuyer credit
Discussion Forum Index --> Tax Questions --> E-file & first time homebuyer credit
| 6 March 2009 | |
| This is my 1st return with a 2009 home purchase and Lacerte's diagnostics says that I have to file it as a paper return "until the IRS system is updated, the reutrn will be rejected with a credit amount greater than 7,500 and must be filed as a paper return." Are we really waiting for the IRS to update or is it just waiting for Lacerte to update? Has anyone else been able to e-file one of these 2009 purchases? My client is in a real hurry for the cash so if it's just a Lacerte thing then I'll suggest he go someplace else so he can e-file now, but if it really is the IRS then nobody can e-file now and he can either wait or file a paper return. | |
| 6 March 2009 | |
| Just in case anyone else comes across this, I called Lacerte and they the IRS hasn't updated the system yet so nobody can e-file one of those returns. He also said it is not high priortiy for the IRS so it might be a while.
Side note - I seldom have to call Lacerte & I've heard many people complain about the wait time when calling, but I was only on hold for less than one minute. | |
Taxestaxes (talk|edits) said: | 6 March 2009 |
| Not for sure how true that is. I just went thru the efile steps and was able to send a return for someone who just purchased home and choose to take the credit on 2008 return. Now IRS may hold it up, but my program let me efile it? I use Tax Act. | |
| 6 March 2009 | |
| Did you claim $7500 or $8000? The issue with the IRS only affects returns that have $8000. The reject code is 0356. | |
| March 6, 2009 | |
| I've had 11 homebuyer credits so far. One was bought in 2009, the credit was efiled for $7,500, and I recently sent that client a Form 1040X to receive the remaining $500. The IRS is not holding up any returns for the $7,500 credit, and I'm sure they'll process amended returns for the $500 balance. | |
Taxestaxes (talk|edits) said: | 7 March 2009 |
| The one I sent in was for $8000. Again, I just sent it in;have not received any confirmation yet; so I guess it will get rejected is what you are saying? Funny that IRS website says the form is updated and allows you to get the $8000 credit; but they arent allowing the efile to work? | |
| March 7, 2009 | |
| No, if you sent it in, the IRS will process it, I'm sure.
They aren't allowing the $8,000 efile credits, because their computer system hasn't been updated yet. | |
| March 7, 2009 | |
| I'm not able to efile with the $8000 credit either. I believe its an IRS thing | |
| 7 March 2009 | |
| Keep us updated Taxestaxes! I'd love to be able to efile those. Maybe the IRS just hasn't updated their reject code descriptions yet or told the software companies that they can do it, but has silently enabled it? Stranger things have happened. | |
| 7 March 2009 | |
| I never thought about e-filing for the 7,500 and then filing an amended for the 500. Thanks for the idea Deback. | |
| 14 March 2009 | |
| Update for those interested, I just read the NAEA alert which says:
"As a result, e-file is rejecting Forms 5405 (Home Buyer Credit). Also, it appears IRS is holding returns with the paper Form 5405 attached. IRS sources tell E@lert that the Service should be able to process the paper Form 5405 starting on March 16 and the e-file version of the form on March 30..." | |
Taxestaxes (talk|edits) said: | 13 April 2009 |
| Update- a little in the season but oh well!! lol
My efiles have went thru claiming the 2009 $8000 credit on 2008 return. | |
