8000 Tax Credit Explanation
January 15th, 2009
Question: Have already done and recieved 2008 tax return, I now want to amend for 8000 tax credit?
I am sitting here trying to figure out how to fill the 1040x form. The ONLY thing that has changed is that I just closed on my new house and want to claim the credit now.
I have completed the revised 5405 form, that was easy…
The 1040x is confusing.
Do I skip lines 1-33 and only state in PART II the explanation of changes?
OR, is there a line(s) that I have to insert a number?
Since I have already recieved my refund, and now I want to amend for the 8000 tax credit, what needs to be done on this form?? grrr….
From what I have read I only need to send in the 1040x and 5405 to the IRS, right??
Any help would be greatly appreciated.
Answer: When you complete the 1040X, first you will fill out the heading along with lines A and B. When you get to the Income and Deductions section, you will copy from your original tax return all the information in column A and in column C, down to line 14. You should be able to identify the information by each line description. When you get to line 15, enter the amount from the 5405 in column B and C. Just read each line after this to end up with the amount of your refund on line 23.
Next you will go to part II on page 2 to add a description of the changes you made on this amended return. Also note you are going to attach the form 5405 with the 1040X.
The form seems difficult, but just look at your original return and you should be able to fill out the lines just fine.
Good Luck,
Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.
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