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Amending 2008 for the $8,000 First Time Homebuyer Credit
Yes, you can do that HOWEVER we are advising clients NOT to do it…..
The IRS has announced that an amended return (for any reason) is taking 16 to 20 weeks to process (it is because of this $8,000 credit that the system is bogged down). Today is Nov 20, 2009. If it takes the minimum of 16 weeks, that is the middle to third week of March, 2010. If it takes longer (and it probably would since the 2010 tax filing season is then), that would be sometime in April, 2010 anyway.
Instead, file your 2009 return the first week of February, 2010 electroncially and have the refund electroncially deposited. This will take somewhere between 8 to 14 days, 21 at the most…. so, you’ll receive your refund sooner without the time and trouble of amending 2008!
We will be happy to help www.USATaxHelp.com