I bought my home on 5-15-09. I amended my return and called the IRS to make sure that I didn't need any additional forms or proof of purchase. A rep stated that all I needed to mail is two forms: the 1040 X and the 5405. The forms were super easy to complete! To find where to mail your amended return, click here: http://www.irs.gov/file/article/0,,id=109750,00.html. I mailed my forms on 5-19.



The IRS website states that you can't view the status of a refund on an amended return online; you have to call to get the status. On 6-24, I called the IRS at 800-829-0582 and pressed X462. After being on hold for about 20 minutes, a rep said that my return was received on 5-26. I called again on 7-6 and, after being on hold for about 20 minutes, a rep stated that a check was mailed on 7-3. It appears that the IRS will only issue a paper check on this credit/refund.

More information on the First Time Home Buyer Tax credit can be found on my informational website listed as a reference to this post. Please feel free to email me any questions directly.

Thanks for everyone's input. I did an amended return with the 1040x yesterday, and it was actually pretty simple as long as you follow the instructions.

The First Time Buyers form 5405 is used to calculate what you are entitled to receive for the credit- it is carried over on your 1040 federal tax form. It is then added as a credit at the end of the 1040 form and is used to calculate if you owe or due a refund. If you are doing an amended return it will go onto a 1040X then mail to the IRS. It will take about 6-8 weeks for the process. If for some reason you have something attached to your refund (back child support, back taxes, student loans) the IRS will use this money to pay off this debt first before they give you the remainder of the money (if there is any left)

I'd suggest that you speak with a tax preparer to make sure you get the credit quickly and correctly.

Congratulations on your new home! You will find the amendment forms also on the IRS website. You might want to call the IRS help line. They really will assist you. It may also be that you would be able to wait, and file for the credit for the 2008 tax year. The IRS website or helpline, or the consumer affairs department of our MN attorney general's office is another resource you can use. Good luck! Liz, Associates Realty, LLC 612-986-4105