FTHB Credit & Another Efile Question

[geekgirldany]

I haven't received TTB cd yet. Been trying to find it online. But I thought I read that this year for the FTHB credit to efile you must send in the closing statement. I assume through Form 8453...Is this correct?

The client bought the home with a girlfriend. If both meet the qualifications then the credit can be divided in half correct?

Okay final question... I would like to efile 1120S this year. Last year I got a message back saying I was not register to file business returns. Do I simply call Eservices to register?

Lots of questions Thank you for any help.
Dany

[WhiteOleander]

IRS announced on their site that returns with 5405 FTHBC cannot be efiled. They must be mailed in. If the client wants to, you can efile w/o the 5405 and then filed an amended with the credit.

I don't know about the filing of the 1120s.

[tilt53]

I agree about efiling and then amending. That's what our IRS liaison told us to do. As far as efiling 1120s, I think you can just make that change through E-Services.

[geekgirldany]

Thank you both for answering.

Well I would have thought that they would allow efile with the 8453. Well I guess I can do a mail return instead of efile. I'll have to see how much of a refund he is getting back besides that. I would assume that is the only reason why you would choose to efile the return first and then go back to amend?

[Black Bart]

Dany

There's a new version of the Form 5405 which is different from the 2008 form. I don't know if you have it or not on your software, but it's not out yet on mine (ATX). It wouldn't come up on the IRS site.

I've got a tax newsletter that says "...taxpayers claiming the credit on their 2009 returns must use the new version of Form 5405 no matter when the house was purchased."

IRS keeps saying they'll have it out shortly, but I haven't seen one yet.

I don't know about the girlfriend situation, but if you don't get any more replies I think that similar buying was discussed quite a bit back under "FTHB" threads if you want to do a search.

P.S. Look at LCP's thread on page two: New Form (FTHB Credit)

[Lion]

Split

The buyers can split the credit however they choose as long as no one who does not qualify gets any credit. You will have to mail the return that contains the new Form 5405 along with a copy of the closing statement.

[geekgirldany]

Thank you all.

Yeah Bart looks like I got the new form on the last update. Drake also gave a warning that you can't efile it. So software answered the question also. I will take a look at the post you mentioned.

Thanks Lion. Looks like they both qualify but I will of course double check on gf.

[David1980]

IRS keeps saying they'll have it out shortly, but I haven't seen one yet.

It's still draft. Google "IRS Draft 5405" and you'll find it.

http://www.irs.gov/pub/irs-dft/f5405--dft.pdf

Some software has it, some doesn't. Probably is "more correct" to not have it in the software until the final version is actually out, or else people who use that software will think it's final version.

[geekgirldany]

I agree. I read the post Bart suggested and I went looking for the final draft. There isn't one. So really it can not even be used. Yep the software companies should really not have it available until it is final draft.