Reject Code: S2-F1040-152
If Form 5405 is present in the return, then Schedule 2 (Form 1040), 'FirstTimeHmByrRepaymentAmt" must be equal to the sum of all Form 5405, "FirstTimeHmByrRepaymentAmt"
Reject S2-F1040-152 occurs when Form 5405, Repayment of the First-Time Homebuyer Credit has been included in the return but should not have been.
If the first-time homebuyer credit was claimed by a taxpayer for a home that was purchased in 2008, repayment of the credit began with the 2010 tax return and continues for 15 years or when the house is sold, whichever is earlier.
Form 5405 only needs to be included in the return if the taxpayer disposed of the home, or due to other circumstances, the house is no longer the taxpayer's main home. Otherwise, if the taxpayer is still living in the home, only the repayment amount should be entered without completing Form 5405. The IRS will not process the return electronically if Form 5405 is present in the return when it should not be.
The amount that the IRS believes the taxpayer owes as installment payment can found at the IRS website for First Time Homebuyer Credit Lookup.
To correct reject S2-F1040-152 in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040), select:
- Other Taxes
- First-Time Homebuyer Credit Repayment
- Complete Form 5405 - Select Taxpayer or spouse as applicable.
- Remove Form 5405 - Answer Yes to confirm removal.
- 2008 First-Time Homebuyer Credit Repayment - Enter the amount of this year's credit repayment for the taxpayer and the spouse (if applicable). Generally this amount is $500 or $250 each for the taxpayer and the spouse if they filed MFJ in the year they received the credit. If you are unsure of the amount to enter, select the menu line First Time Homebuyer Credit Account Look-up to open your web browser to the IRS website for this purpose.
Additional Information: