Notice code 1040

Notice code 1040 (1040) — We changed the amount claimed as First-Time Homebuyer Credit on line 69 of Form 1040. The amount cla…

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1040

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What the IRS language says

We changed the amount claimed as First-Time Homebuyer Credit on line 69 of Form 1040. The amount claimed exceeds the limit of:  $7,500 for single, head of household, qualified widow(er) with dependent children or married filing jointly and $3,750 for married filing separate for a home purchased after April 08. 2008 and before January 1, 2009, or  $8,000 for single, head of household, qualified widow(er) with dependent children, and married filing joint or $4,000 for married filing separately for a home purchased after December 31, 2008, or $6,500 for single, head of household, qualified widow(er) with dependent children, and married filing joint or $3,250 for married filing separate for a home purchased after November 6, 2009 for a taxpayer who is long-term resident of the same home and is an individual (and that individuals spouse if married) who has owed and used the same residence as such individual's main home for any 5 consecutive- year period during the 8-year period ending on the purchase date of the subsequent main home.