If you claimed the First-Time Homebuyer Credit for a home purchased in 2008, and you determine you are only responsible for half of the credit repayment this year (i.e. filed jointly the year the credit was claimed, but are now filing separately or your spouse is now deceased), you will need to modify the credit repayment information in the TaxAct^® program.

To modify the credit repayment information:

1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
2. Click the Taxes dropdown, then click Repayment of first-time homebuyer credit.
3. On the screen titled Repayment of First-Time Homebuyer Credit, click Worksheet.
4. On the screen titled Homebuyer Credit Repayment - Information, enter the credit claimed in 2008 and the amount repaid since.
5. On the screen titled Homebuyer Credit Repayment - Minimum, if you are paying more than the minimum, enter the Payment if other than minimum required payment amount, otherwise leave it blank, then click Continue.

Note. If you are seeing the amounts from the jointly claimed credit, divide those amounts in half.

Any amount calculated to be repaid will appear on Schedule 2 (Federal Form 1040) Additional Taxes, Line 10. 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.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.