If you claimed the First-Time Homebuyer Credit for a home purchased in 2008, the 2014 return is the fifth year of the 15-year installment repayment of the credit.

Any amount calculated to be repaid will appear on Line 60b of Federal Form 1040. This will either reduce the refund on the return (the refund may become an amount due, depending on the repayment amount) or increase the amount due.

If the credit was originally claimed on a joint return, each spouse is treated as having been allowed half of the credit for purposes of repaying the credit. Thus, two Forms 5405 will be produced (and printed with the return) if repaying the credit on a joint return.

To enter the repayment in to the TaxACT program:

1. From within your TaxACT return (Online or Desktop), click on the Federal Q&A tab
2. Click Taxes to expand the category and then click Repayment of first-time homebuyer
3. Click Yes and the program will proceed with the interview questions for you to enter or review the appropriate information