How do I file 5405 on TurboTax?
To get to Form 5405 in TurboTax:
- Continue your return in TurboTax Online.
- Click the drop-down arrow next to Tax Tools (lower left of your screen).
- Select Tools.
- In the pop-up window, select Topic Search.
- In the I’m looking for: box, type 5405.
Do I need Form 5405?
You don’t have to file Form 5405. Instead, enter the repayment on your 2020 Schedule 2 (Form 1040), line 7b.
What is the Form 5405?
Form 5405, First-Time Homebuyer Credit and Repayment of the Credit is a tax form distributed by the Internal Revenue Service (IRS). It was used by homeowners to claim a now-defunct tax credit for the purchase of a new or replacement home between April 9, 2008, through Sept. 30, 2010.
What is the form 8959?
Purpose of Form Use Form 8959 to figure the amount of Additional Medicare Tax you owe and the amount of Additional Medicare Tax withheld by your employer, if any.
How much was the first-time homebuyer credit in 2008?
Example – You were allowed a $7,500 first-time homebuyer credit for 2008. You must repay the credit.
Does TurboTax have form 5405?
You should easily be able to complete the Form 5405. The form is available in TurboTax Deluxe and higher.
Who must file form 8959?
The tax applies to wages from employment, self-employment income and railroad retirement income, but if you are receiving W-2 income, the tax will most likely be withheld from your wages. Either way, anyone subject to the tax is required to file Form 8959 with their annual income tax filing.
What is the purpose of IRS form 8959?
Use Form 8959 to figure the amount of Additional Medicare Tax you owe and the amount of Additional Medicare Tax withheld by your employer, if any. You will carry the amounts to one of the following returns.
What do you need to know about form 5405?
Sales (including through foreclosure). Name and social security number. Line 1. Line 2. Qualified official extended duty. Uniformed services. Foreign Service member. Employee of the intelligence community. Lines 3a, 3b, and 3c. Line 3d. Line 3e. Lines 3f and 3g—Home destroyed or sold through condemnation or under threat of condemnation.
How to fill out form 5405 for condemnation?
Line 1. If your home was destroyed or condemned, or you disposed of the home under threat of condemnation, enter the date it was destroyed, condemned, or disposed of under threat of condemnation (or the date it ceased to be your main home, whichever is earlier). Line 2.
When to complete form 5405 first time homebuyer credit?
Complete Part I if you claimed the first-time homebuyer credit for a home purchased in 2008 and either you disposed of the home or it ceased to be your main home in 2020. This includes situations where: The home was destroyed, condemned, or disposed of under threat of condemnation; or The taxpayer who claimed the credit died in 2020.
Where to find IRS Form 5405 loss worksheet?
Form 5405 Gain or (Loss) Worksheet Line 12. Section references are to the Internal Revenue Code unless otherwise noted. For the latest information about developments related to Form 5405 and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form5405. Repayment requirement.