If you claimed the First-Time Homebuyer Credit in a previous year and need to include a repayment amount on your current year return, use the following steps to enter the necessary information in TaxAct®:
If you already filed your return without this information and need to include it on an amended return, follow the steps above and then see Amending Your Federal Return for further instructions.
The credit is not available for homes purchased in 2016. If you have claimed the credit in any year, you can access your account information using the IRS Look-up Tool. This will provide you with your total credit amount, repayment amount, and other information. See the IRS First-Time Homebuyer Credit overview for more information, including repayment triggers.
TaxAct will automatically determine whether Form 5405 needs to be filed for your situation. If you are repaying the credit on your 2016 tax return, you are only required to file Form 5405 if:
In all other cases, you aren't required to file Form 5405. Instead, enter the repayment on Form 1040, line 60b, or Form 1040NR, line 59b, whichever applies. For example, you aren't required to file Form 5405 if you are making an installment payment of the credit you claimed for a home you purchased in 2008 and you owned it and used it as your main home during all of 2016. See the IRS Instructions for Form 5405 for more information.