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Tax Talk & Blogs: Stimulus: First-Time Home Buyer Credit

Special Note to 2009 First-Time Home Buyers:

The IRS has released a newly revised First-Time Home Buyer Credit Form 5405, however, the IRS is not yet accepting e-filed returns with revised Form 5405.

This is an industry issue. Once the IRS announces that their systems are able to accept e-filed returns with revised Form 5405, tax services providers like H&R Block will be able to comply.

If you have not filed your 2008 return and wish to claim the 2009 First-Time Home Buyer Credit, you may:

- Wait to file your 2008 return until the IRS starts accepting e-filed returns with revised Form 5405; or,

- Visit any H&R Block office for completion of your return with revised Form 5405; and mail your return to the IRS; or,

- Prepare and print your return with the revised Form 5405 (forms may be downloaded at irs.gov) and mail it to the IRS. Please be advised, however, that mailed returns will take longer to process by the IRS.

If you have already filed your 2008 return and wish to claim the additional credit of up to $500, you will need to file an amended return with revised Form 5405.

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You may visit any H&R Block office who will help you prepare an amended return with Form 5405 for mailing; or

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You may download the revised Form 5405 and mail it with an amended return to the IRS for processing. Both Forms can be downloaded on irs.gov. Amended returns cannot be e-filed.

Please check back with Digits for up-to-the-minute information regarding acceptance of e-filed returns with revised Form 5405.

 
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