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First Time Homebuyer Credit - Form 5405

LOUAWATT
Level 2

Apparently the IRS would like two Form 5405s for the First Time Homebuyer Credit repayment, attached to the 2022 Form 1040, if both the taxpayer and spouse are repaying....yet Pro Series will not allow (that I can see) a second Form 5405 to be prepared!!!!  This needs to be corrected and updated for the 2023 tax filing year please!!  I know I could have prepared another 5405 outside of the system and attached it to my tax return as a pdf (hindsight is 20/20); but I wonder if the IRS computer would have recognized it and not generated a tax notice??  The IRS took the repayment reported, applied it all to taxpayer, took the spouse's repayment from their refund (that was to purchase I Bonds) and sent them a paper check for the balance of their refund that now cannot be used to purchase I Bonds.....not happy about this!  Crazy thing is, the IRS took the repayment on the tax return of $500 plus $250 that they pulled from their refund and then split it 50/50 anyway, applying $375 to taxpayer's and $375 to spouse's First Time Homebuyer Credit repayment balances.  PLEASE ALLOW ACCESS TO ADDITIONAL FORM 5405 IN THE SOFTWARE!!

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1 Comment 1
Just-Lisa-Now-
Level 15
Level 15

You can have 2 Form 5405, I see 2 in the list, one says 5405, the other says 5405 Copy 2...does the second copy for work right?      Have they filed separately in prior years and the IRS is not looking for separate 5405's maybe?

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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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