First Time Homeowners credit

[Anonymous]

Hey Fico friends,

    I am closing on my house next week and am very excited.  The $8,000 tax credit has been changed so many times that I thought I would come to you guys for answers. I know you can claim the credit on your 2009 credit, but I also heard you can claim on 2008 amended return.  If I amend my 2008 tax credit:

1.  Is the gross income phase out from my 2008 or 2009 gross income AND

2.  If I amend 2008, would I receive that refund earlier and if so, how long does that usually take. 

Any advice, direction, or websites I can check out for an answer would be appreciated.

[Anonymous]

I think it would use your 2008 income, since you'd be amending your return for that year. Yes, you would get the refund earlier. However, I've been following people on this forum who have amended their returns. It seems to be taking longer and longer to get the check because there are so many amended returns being filed. They're backed up. But you'd still get it earlier than waiting until next winter/spring.

[Anonymous]

Looks like 12-16 weeks these days.  Send certified with return receipt.  I missed that tidbit when I mailed, oh well..

[WannaHouse]

At this point, it may take until the end of the year to get the refund. You can ammend 2008, or wait and file it all on 2009.

[Anonymous]

congrats on your closing!!