How to File an Amended Tax Return Claiming the First Time Home Buyer Credit
As of 2009, home buyers in the United States who have not owned property in the last three years are eligible for a special tax credit thanks to The American Recovery and Reinvestment Act. As of late 2009, The Worker, Homeownership and Business Assistance Act extended the credit to include all homes closed on by June 30, 2010. Property owners who qualify are able to claim the credit on the previous year's taxes, expediting the time in which they will receive their money. Unfortunately, this may require filing an amended tax return. Luckily, filing an amended return is a fairly simple process.
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Instructions
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Obtain a copy of your previously filed taxes.You will need the figures on your original return to complete the amended tax return paperwork.
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For taxes filed using Forms 1040, 1040A, 1040EZ, 1040EZ-T, 1040NR and 1040NR-EZ, get a Form 1040X (Amended Individual Tax Return) by calling the IRS at 1-800--829--3676 or visiting www.irs.gov.
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Fill out the 1040X. In Part 1, you will copy the income and deductions from your previous return. To add the home buyer credit to your return, report an increase in the amount of the credit on Line 7. In Part 2, carefully explain the change you reported in Part 1.
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Obtain the 5405 Form (First Time Home Buyers Credit) by visiting www.irs.gov or by calling the IRS at 1-800-829-3676. Complete the form and attach it to the 1040X form.
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Mail your 1040X to the IRS, including the 5405 Form. There are six regional centers that accept amended returns. Find the appropriate location by calling the IRS at 1-800--829--3676 or visiting the 1040X instructions at www.irs.gov.
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Tips & Warnings
Always wait until you have received and cashed any refunds from your original tax return before you file an amended return.
