Instructions on Filling 1040X & 5405 Together
Form 5405 is the Internal Revenue Service (IRS) form that allows the taxpayer to claim the First-time Homebuyer Credit and can be filed on an amended 2008 or 2009 return together with form 1040X. Qualification for the credit requires purchase of a home in the United States as a primary residence. Home buyers must also meet additional eligibility criteria, including income limit, purchase date of the home and residency requirements. Forms are available to print from the IRS website or can be requested through the mail by calling the IRS. Amended tax returns are not eligible for electronic submission and hard copies must be submitted by mail.
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Things You'll Need
- Previous tax return from 2008 or 2009
- Form 1040X
- Form 5405
- Documentation of home purchase
- Documentation of residency
- Envelope
- Postage
Instructions
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Form 1040X
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1
Provide your name, Social Security number and current address at the top of Form 1040X.
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2
Select filing status by checking the appropriate box. The filing status must match the return you are amending.
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3
Specify the tax year that you are amending based on the purchase date of the home. Amendments are accepted by the IRS for the last three filing years.
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4
Use a copy of the previously filed tax return to transfer information as required on Lines one through 31.
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5
Provide an explanation of the changes to your tax return in Section C.
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6
Include a statement declaring qualification for the First-time Homebuyer Credit and the purchase date of the home in Section C. If you are amending your return to change status of a home previously used to qualify for the credit, provide details of the disposal or sale of the home.
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7
Specify revision of your current address in Section C if it does not match the address on file with the IRS.
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8
Sign and date the form. If filing jointly, signatures of both parties are required.
Form 5405
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9
Enter your name and Social Security number at the top of the page.
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10
Leave Part I, Section A blank if you have already listed your current address on Form 1040X.
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11
Provide the date your home was purchased.
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12
Answer questions C through F accordingly to determine eligibility for the credit.
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13
Furnish the purchase price of the home and your adjusted gross income for the tax filing year under Part II. Fill in the remaining fields as instructed.
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14
Complete Part III of the form if you are amending your tax return due to disposal or sale of a residence previously used to claim the credit. The IRS requires repayment of the credit if the new home is not maintained as your primary residence for at least three years from the purchase date.
Documentation and Submission
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15
Make a copy of the settlement statement. If a settlement statement is not available, copy the certificate of occupancy for purchase of new homes or the retail sales contract for the purchase of a mobile home.
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16
Photocopy your mortgage statement or records of your property taxes or homeowner's insurance if you are claiming the credit under the long-term resident qualification.
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17
Attach the supporting documentation to completed forms 1040X and 5405. Mail all forms to the Department of Treasury's Internal Revenue Service Center location near you.
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18
Check the status of your refund by calling the IRS at 800-829-1040. Enter the filing status, adjusted gross income and refund amount as listed on the amended return. The processing time for an amendment is approximately eight to 12 weeks from receipt by the IRS.
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References
Resources
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
