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Question

Hello. I just a bought home and in the process of filing an amended tax return so I can get the First Time Home Buyer's credit this year. I used tax act, and they filed my return using the 1040A form..The 1040X (amended tax form) requires that the original form be at least at 1040 which provides more options for credits, etc). Tax act had both forms available to me to review, but submitted the 1040a. Anyway, I revised info using the 1040 form. I filled out the amended 1040x and also have the form 5045 (with tax credit info on it). Tax act, said something about also have to adjust my state income tax, do I? It looks to me that all I have to do is send copies of form 1040 x w the 5045? Because I had to change the form to 1040 form 1040A do I also have to send this in too? I hope this makes sense and thank you

Submitted: 43 days and 5 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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State/Country relating to question: California

Already Tried:
I just followed instruction through tax act..but want to clarify a few questions before sendng my amended return

Posted by LEV 43 days and 4 hours ago.

Answer

Generally - if you amend your federal tax return - you should review your state tax return and verify if you need to amend it.

You are not necessary need to amend.

Whatever TaxAct said - is a generic note.

Some states allow to deduct federal taxes paid on state income tax return - because with additional federal credit - federal tax liability would be less - that might resulted additional taxable income on the state level.

See FTB Pub. 1008, Federal Tax Adjustments and Your Notification Responsibilities to California, for more information. See “Order Forms and Publications” on page 67.

 

Because you do not deduct federal tax paid on your CA tax return -you do not need to amend your CA tax return.

You may confirm the answer by calling FTB - please find here Contact Information.

Let me know if you need any help.

 

P.S. Please attach a copy of your HUD statement to your federal amended tax return - form 1040-X.

You may expect delay in processing up to 4-5 months.

 

43 days and 4 hours ago.

Reply

Hi thanks for your answer..It is helpful. What do you think about the difference in forms eg: 1040 vs 1040a that irs got (i've already received my initial refund)..Reason I question, is that 1040x has a space to put reason for amending which says line 15 from 1040..fpr the tax credit, .I only filed the 1040a which does not have this line. I know little thing,, but don't want to delay this anymore than need be.

Accepted Answer

It doesn't matter which original form you used.

The reason for amending - "adding the first home buyer's credit"

It might be said in the way you put above - should not be matter.

Add the form 5405 and a copy of HUD statement from your closing papers - that is important!.

 

Do not forget to sign the form 1040X

Please be prepared to wait at least four months because of delays in the IRS processing.

 

Let me know if you need any help.

 

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Expert: LEV
Pos. Feedback: 99.3 %
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Answered: 10/10/2009

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