How To Claim the First-Time Homebuyer Credit in TurboTax

In TurboTax, you have two options to claim the first-time homebuyer credit. You can either amend your 2008 tax return, or you can take the credit when you file your 2009 taxes. To amend your 2008 tax return, please be aware that the IRS estimates it will take up to 20 weeks for your return to be processed by the IRS. If you take the credit in your 2009 tax return, simply enter the information into the Deductions and Credits area of TurboTax. Keep in mind that the IRS has a requirement that this credit must be filed by mail. The IRS has determined that you cannot take the credit via e-File. So if you will take this tax credit in 2009, you must print out and mail your tax return to the IRS.

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