The rejection code IRS F1040-429-02 indicates that there is a problem with the information on your tax return. Specifically, the error message indicates that if you are claiming the First Time Homebuyer Credit, your spouse must also file a First Time Homebuyer Installment Credit with your tax return.
You must ensure you have taken all required actions, including paying the First Time Homebuyer Installment, if applicable, before claiming the First Time Homebuyer Credit on your tax return.
If you believe you have made a mistake on your tax return, or if you have questions about the First Time Homebuyer Credit or reject code F1040-429-02 you should seek the opinion of a tax preparer or contact the IRS.
What are Other Reject Codes Related to First Time Home Buyer Installments?
Other reject codes that speak about first-time home buyer installments as reject code F1040 429 02 are:
- IND-147 โ Need to attach a first-time homebuyer part payment with your document
- S2-F1040-147 โ A correction is required concerning first-time homebuyer part payment
- S2-F1040-394 โ Schedule 2 of your form need amendments related to first-time homebuyer part payment
What are the Methods or Steps to Troubleshoot F1040-429-02 in TurboTax?
Have you received the F1040-429-02 reject code in TurboTax? it means there is an issue with the information provided on your tax return related to the First Time Homebuyer Credit. This guide will provide you with precise steps to take in TurboTax to troubleshoot the issue and successfully submit your tax return to the IRS.
- Sign in to your TurboTax account and pick the Fix my return choice.
- Check your return and look for any errors or omissions related to the First Time Homebuyer Credit.
- If you are claiming the First Time Homebuyer Credit, ensure that you have completed all of the required steps, including submitting the First Time Homebuyer Installment Payment if applicable.
- To submit the First Time Homebuyer Part Imbursement, click on the Federal Taxes tab and then select Deductions & Credits.
- Select Credits and Deductions and then Homeowner Credits.
- Answer the questions related to the First Time Homebuyer Credit to determine if you are eligible.
- If you are eligible, TurboTax will guide you through the process of submitting the First Time Homebuyer Installment Payment. Follow the prompts to complete the payment process.
- Once you have completed the required steps, review your return again to ensure that all of the information is accurate and complete.
- Once you have reviewed and corrected any errors or omissions, submit your return again to the IRS.
The F1040-429-02 reject code indicates an issue with the information provided on your tax return, specifically related to the First Time Homebuyer Credit. To resolve this issue, ensure that you have completed all of the required steps, including submitting the First Time Homebuyer Installment Payment if applicable.
Frequently Asked Questions
The F1040-429-02 reject code is an error message asking your spouse to file a first-time home buyer installment.
The First Time Homebuyer Credit was a tax credit available to first-time homebuyers.
Yes, if you received the reject code, you need to submit the First Time Homebuyer Installment Payment.
To submit the First Time Homebuyer Part Imbursement, go to the Federal Taxes tab in TurboTax, select Deductions & Credits, then Homeowner Credits.
Your tax documents may continue to be rejected by the IRS.
Yes, you can still claim the First Time Homebuyer Credit if you are eligible.
No.