If you’re one of the lucky home buyers who purchased your home in 2008 and took the First Time Home Buyers Credit (technically an interest free loan), this was the first year that you had to pay it back. More than likely, if you made your first payment to the IRS this year you filed form 5405. That lovely form appears to be causing a hang up with IRS systems that were “not ready to handle the form via e-file”. So, if you filed your taxes already and had to start repayment of the FTHBC then you likely will see a LONG delay in receiving your refund.
I noticed a discussion thread on Turbo Tax this morning, and it appears that this is a VERY LARGE problem. However it is unclear if the problem is caused by Turbo Tax’s system or the IRS’ computer system. I’m just curious…has anyone in the GL Community who filed 5405 experienced a delay in their refund?
I tried the IRS “Where’s My Refund” website. It gave me a 1800# and an extension, with a reference number 1301 (no clue what that means). However when I called the voice on the phone told me that they could not process my call at this time due to “technical difficulties”.
UPDATE: I did get through to a very friendly and HELPFUL IRS Employee. She was kind and considerate and advised me that her system did not exactly state what the problem was, but that my return was being processed manually. She told me it could take 30-45 days.
It appears like this might be a Turbo Tax issue more than an IRS issue. Still I would love to hear others input who filed a different way with the 5405 From.
It is not a Turbo Tax issue, it is an IRS issue. Apparently the “system” is not recognizing the format of 5405. Take a look at this and you will see just a fraction of how many are affected:
http://www.facebook.com/2011TaxRefundDelay
@ike – the link is not working 🙁
Sorry, there is an ‘s’ at the end:
http://www.facebook.com/2011TaxRefundDelays