Home Tax Credit Early
March 4th, 2010
Question: is anyone getting their home buyers credit by direct deposit? I filed through a tax preparer early July ?
what is IRS telling people when they call>
Thanks.
Answer: The only folks who get it via direct deposit are those who filed the Form 5405 as part of their original return. The vast majority of claims (at least for purchases in 2009) are via an amended 2008 return. There’s no way to designate an account for direct deposit on Form 1040-X so all of those are paid by check.
If you call less than about 12 weeks from filing the amended return the IRS will probably tell you that they don’t have your amended return in the system yet. Once it’s in the system, all that they will tell you is that it’s being processed, and possibly to wait for a letter requesting additional information. You won’t be told a payment date until the payment has been scheduled for the weekly check run, usually overnight on Thursday nights.
Processing time is taking 16 weeks or longer. If you included copies of the HUD-1 settlement sheet and the recorded deed you should see your money in early November. If you didn’t the IRS will probably request copies sometime in late October so figure by Thanksgiving for your check.
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