Reject Code: S2-F1040-429
The e-File database indicates a First-Time Homebuyer Installment Payment is due for the Spouse SSN. Include an amount on Schedule 2 (Form 1040), 'FirstTimeHmByrRepaymentAmt' and attach Form 5405 if required.
Reject Code S2-F1040-429 occurs when the IRS database indicates that the taxpayer or spouse received a First Time Homebuyer Credit in a previous year and did not include the repayment amount on this year's return.
If the first-time homebuyer credit was claimed by a taxpayer for a home 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 comes first. The amount that the IRS believes the taxpayer owes can found at the First Time Homebuyer Credit Account Look-up website here.
Correcting Reject S2-F1040-429
See here for instructions on entering either the annual repayment or the entire repayment of the First Time Homebuyer Credit as needed.
Additional Information: