TURBOED Posted November 17, 2009 Report Share Posted November 17, 2009 Filing to ammend my 2008 taxes and get my $8k refund. Has anyone on here done this? I found an article online saying that you have to submit a new 1040 along with the 1040X, but it doesn't say anything about that on the IRS site or on the 1040X form. All I can find on the form is that I need to submit the 1040X and the 5405. Anyone have any experience? Quote Link to comment Share on other sites More sharing options...
John Bruh Posted November 17, 2009 Report Share Posted November 17, 2009 lol can i do this with 2007's Quote Link to comment Share on other sites More sharing options...
Linc5.0 Posted November 17, 2009 Report Share Posted November 17, 2009 i had a buddy do this and he got his check already. Quote Link to comment Share on other sites More sharing options...
TURBOED Posted November 17, 2009 Author Report Share Posted November 17, 2009 i had a buddy do this and he got his check already. Can you ask him if he submitted a new 1040 with the 1040X? Quote Link to comment Share on other sites More sharing options...
RyM3rC Posted November 17, 2009 Report Share Posted November 17, 2009 it's easy. I would suggest filing a 1040x to amend your 2008 return. All you need is a 1040x, and 5405, HUD-1 form from home purchase (showing date acquired and price) and your last tax return. Basically you just fill out the 5405 (it's super simple), fill out the 1040x with the info from your last tax return... BUT on the back (or 2nd sheet) in column 'B' (the adjustment column) you add your $4k jointly, or $8k singly, then total up column A (original data) and column B (adjustments) and put that in column C. Do the simple math and you will come out with $4k, or $8k at the end of the form. In the explanation, just write "claiming 1st time homebuyer credit" or something like that. I don't have the forms in front of me, but that sounds right from memory. Let me know if you need any more help with it. Oh yeah, make sure your 5405 date acquired matched your HUD-1 form date acquired. Easy! Quote Link to comment Share on other sites More sharing options...
Putty Posted November 17, 2009 Report Share Posted November 17, 2009 Part of the 8K for all the answers you need? Quote Link to comment Share on other sites More sharing options...
TURBOED Posted November 17, 2009 Author Report Share Posted November 17, 2009 it's easy. I would suggest filing a 1040x to amend your 2008 return. All you need is a 1040x, and 5405, HUD-1 form from home purchase (showing date acquired and price) and your last tax return. Basically you just fill out the 5405 (it's super simple), fill out the 1040x with the info from your last tax return... BUT on the back (or 2nd sheet) in column 'B' (the adjustment column) you add your $4k jointly, or $8k singly, then total up column A (original data) and column B (adjustments) and put that in column C. Do the simple math and you will come out with $4k, or $8k at the end of the form. In the explanation, just write "claiming 1st time homebuyer credit" or something like that. I don't have the forms in front of me, but that sounds right from memory. Let me know if you need any more help with it. Oh yeah, make sure your 5405 date acquired matched your HUD-1 form date acquired. Easy! Gotcha. I have filled out the 5405 and 1040X already (very easy, like you said), but then I read a big 1040X explanation on about.com, and it said to fill out a new 1040, then submit the original '08 1040, your new '08 1040, and the 1040X. Seemed like overkill to me, and the IRS site doesn't say anything about it. I just thought I would make sure before submitting everything. Thanks for the informative post... Quote Link to comment Share on other sites More sharing options...
evan9381 Posted November 17, 2009 Report Share Posted November 17, 2009 you dont need a closing statement. new 1040, 1040x (shows changes), 5405. i also threw in my original 1040ez turbotax did, but it wasnt required. also did this for 2 of my friends who just bought houses, and the got theirs back. Quote Link to comment Share on other sites More sharing options...
TURBOED Posted November 17, 2009 Author Report Share Posted November 17, 2009 you dont need a closing statement. new 1040, 1040x (shows changes), 5405. i also threw in my original 1040ez turbotax did, but it wasnt required. also did this for 2 of my friends who just bought houses, and the got theirs back. OK... So on my original 2008 1040, I owed $238. I see where I should note that on the 1040X, and I get my final refund to be $8000. But, on my new 1040 I am filling out, there is no where to put that I already paid $238, so it shows my refund to be $7,762. Is this right? Quote Link to comment Share on other sites More sharing options...
evan9381 Posted November 18, 2009 Report Share Posted November 18, 2009 yes. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted November 18, 2009 Report Share Posted November 18, 2009 edit - it will show line ## paid, then minus 8000, so if you paid 1000, and you minus 8000 or 10% of price, it would be 1k less. Quote Link to comment Share on other sites More sharing options...
TurboTank Posted November 18, 2009 Report Share Posted November 18, 2009 so i bought a house in feb of 2008 do i qualify? Quote Link to comment Share on other sites More sharing options...
evan9381 Posted November 18, 2009 Report Share Posted November 18, 2009 pretty sure it started in april 2008. check IRS website to be sure. Quote Link to comment Share on other sites More sharing options...
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