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Form 1040—Lines 65 Through 72 No credit is allowed for homes bought You cannot claim a refund for excess Line 65 after April 30, 2010 (after June 30, 2010, if tier 2 RRTA tax on Form 1040. Instead, use you entered into a written binding contract Form 843. Additional Child Tax Credit before May 1, 2010). For more details, see Pub. 505. What Is the Additional Child Tax You can choose to claim the credit on Credit? your 2009 return for a home you bought in This credit is for certain people who have at 2010 that qualifies for the credit. Line 70 least one qualifying child as defined in the Check the box(es) on line 70 to report any instructions for line 6c on page 17. The You generally must repay the credit if: credit from Form 2439, 4136, 8801 (line additional child tax credit may give you a • You dispose of the home within 36 29), or 8885. refund even if you do not owe any tax. months after buying it, or Two Steps To Take the Additional • You stop using the home as your main Child Tax Credit! home during that 36-month period. Step 1. Be sure you figured the amount, if Refund See Form 5405 for more details, includ- any, of your child tax credit. See the in- ing special rules for certain members of the structions for line 51 that begin on page 42. uniformed services, members of the U.S. Line 72 Step 2. Read the TIP at the end of your Foreign Service, and employees of the in- Child Tax Credit Worksheet. Use Form telligence community on official extended Amount Overpaid 8812 to see if you can take the additional duty service. If line 72 is under $1, we will send a refund child tax credit, but only if you meet the only on written request. condition given in that TIP. Credit claimed on 2008 re- If you want to check the status of your turn. The maximum credit was refund, please wait at least 72 hours after originally $7,500 ($3,750 if TIP IRS acknowledges receipt of your e-filed married filing separately). So if Line 66 return (3 to 4 weeks after you mail a paper you made the election to claim the credit on return) to do so. But if you filed Form 8379 Refundable Education Credit your 2008 return for a home you bought in with your return, allow 14 weeks (11 weeks 2009 and you did not use the February 2009 from Form 8863 if you filed electronically). See page 93 for revision of Form 5405, you now may be If you meet the requirements to claim the details. able to claim a larger credit (up to $8,000) American opportunity credit (see the in- on an amended 2008 return. See Amended If the amount you overpaid is structions for line 49 on page 40), enter on Return on page 91. large, you may want to decrease line 66 the amount, if any, from Form 8863, the amount of income tax with- line 16. TIP held from your pay by filing a new Form W-4. See Income Tax Withhold- Line 68 ing and Estimated Tax Payments for 2010 Line 67 on page 90. Amount Paid With Request for Extension To File Refund Offset First-Time Homebuyer Credit If you owe past-due federal tax, state in- If you filed Form 4868 to get an automatic You may be able to take this credit if you come tax, child support, spousal support, or extension of time to file Form 1040, enter bought a main home in the United States certain federal nontax debts, such as stu- any amount you paid with that form or by and you (and your spouse if married) did dent loans, all or part of the overpayment electronic funds withdrawal or credit or not own any other main home during the on line 72 may be used (offset) to pay the debit card. If you paid by credit or debit 3-year period ending on the date you past-due amount. Offsets for federal taxes card, do not include on line 68 the conve- bought the home. If you constructed your are made by the IRS. All other offsets are nience fee you were charged. Also, include main home, you are treated as having made by the Treasury Department’s Finan- any amounts paid with Form 2350. bought it on the date you first occupied it. If cial Management Service (FMS). For fed- you bought the home after 2008 and before eral tax offsets, you will receive a notice May 1, 2010 (before July 1, 2010, if you from the IRS. For all other offsets, you will entered into a written binding contract Line 69 receive a notice from FMS. To find out if before May 1, 2010), the credit generally is you may have an offset or if you have any 10% of the purchase price of the home but Excess Social Security and questions about it, contact the agency to is limited to $8,000 ($4,000 if married fil- which you owe the debt. Tier 1 RRTA Tax Withheld ing separately). Injured Spouse If you, or your spouse if filing a joint re- You also may be able to take the credit, turn, had more than one employer for 2009 If you file a joint return and your spouse but it is limited to $6,500 ($3,250 if mar- and total wages of more than $106,800, too has not paid past-due federal tax, state in- ried filing separately), if: much social security or tier 1 railroad re- come tax, child support, spousal support, or 1. You bought a main home in the tirement (RRTA) tax may have been with- a federal nontax debt, such as a student United States after November 6, 2009, and held. You can take a credit on this line for loan, part or all of the overpayment on line before May 1, 2010 (before July 1, 2010, if the amount withheld in excess of 72 may be used (offset) to pay the past-due you entered into a written binding contract $6,621.60. But if any one employer with- amount. But your part of the overpayment before May 1, 2010), and may be refunded to you if certain condi- held more than $6,621.60, you cannot tions apply and you complete Form 8379. 2. You (and your spouse if married) claim the excess on your return. The em- For details, use TeleTax topic 203 (see owned and used the same home as your ployer should adjust the tax for you. If the page 93) or see Form 8379. main home for any period of 5 consecutive employer does not adjust the overcollec- years during the 8-year period ending on tion, you can file a claim for refund using the date you bought the home described in Form 843. Figure this amount separately (1) above. for you and your spouse. Need more information or forms? See page 96. - 72 -