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E 2. Your social security number Name(s) shown on return Part I General Information A Address of home qualifying for the credit (if different from the address shown on page 1 of Form 1040 or Form 1040X) B Date purchased (MM/DD/YYYY) (see instructions) . . . . . . . . . . . . . . . . . Note. If the date purchased is before May 1, 2010, go to line E. Otherwise, go to line C. If the date purchased is after April 30, 2010, and before October 1, 2010, did you enter into a binding contract.

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Each spouse who meets condition 1 or 2 earlier under Who Must File must file a separate Form 5405. Each spouse must enter only his or her name and social security number on his or her separate Form 5405. This is true whether a joint return or separate returns are filed.

Continue your return in TurboTax Online. ... Click the drop-down arrow next to Tax Tools (lower left of your screen). Select Tools. In the pop-up window, select Topic Search. In the I'm looking for: box, type 5405.

To get to this section in TurboTax, search for homebuyer credit in your TurboTax program and select the Jump to link in the search results. Then, answer yes, enter the date your home was purchased, and follow the on-screen instructions. We'll calculate the tax and handle the rest.

You don't have to file Form 5405. Instead, enter the repayment on your 2020 Schedule 2 (Form 1040), line 7b.

Notify the IRS that the home you purchased in 2008 and for which you claimed the credit was disposed of or ceased to be your main home in 2020. Complete Part I and, if applicable, Parts II and III. Figure the amount of the credit you must repay with your 2020 tax return.

Use this form to: Notify the IRS that the home for which you claimed the credit was disposed of or ceased to be your main home. Figure the amount of the credit you must repay with your tax return.

How Do I Repay the Credit? Essentially, if you claimed and received the one-time credit on your income tax return for 2008, you must repay the credit. It is repaid as an additional tax on your tax return, and you'll be paying it back every year for a total of 15 years.

The purpose of the newly revised Form 5405 is: To notify the IRS that the home you purchased in 2008 and for which you claimed the credit was disposed of or ceased to be your main home in 2019. ... To figure the amount of the credit you must repay with your 2019 tax return.

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