I know if has to start getting repaid this years return. Will there be an area of the return this needs to go. How do I go about listing it? Does anyone know if this will be on the software programs such as turbo tax or HR
As for why he went for the 7500. was because that was all he was eligible in Nov of that year. A new roof had to be put on and without interest was pretty good deal. You wouldnt go for an interest free loan?
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While they haven't released final forms yet, they have released drafts. As of now, there is a spot on Form 5405 to calculate the payment amount, which flows to the tax computation on page 2 of the 1040.
Google "2010 draft 5405" or "2010 draft 1040" if you want to see the forms I am talking about. On the 5405 (line 16b), it is towards the bottom of the form, and on the 1040 (line 59c), it is around the middle of the second page.
While no at-home preparation software has been released yet for 2010 filings, it would be very strange if the major ones like Turbo Tax didn't offer support for this.
ninasgramma
All the software programs will have the repayment form, Form 5405. Your payment will be shown as a tax on your Form 1040 in the section "Other Taxes."
tro
why would anyone be filing for the $7500 credit? that was the first one and was a repayable loan
there are two more with different requirements and deadline dates
you need to research which credit you think you are eligible for, and you would be filing the form for the FTHB credit with your 1040