While we await the Fed announcement (2:15 PM ET, the policy statement will post here - link will be dead until 2:15ET) amuse yourselves by reviewing the guidelines and IRS forms for the home buyers tax credit, which were released about ten days ago.
The form 5405 itself can be found here [PDF!] but do read the form 5405 release notes from the IRS, which give a number of helpful tips and information on filing for and when one can expect to recieve the credit.
- All eligible homeowners must [with their form 5405] include a copy of the settlement statement showing all parties’ names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.
- taxpayers claiming the credit cannot file electronically and must file paper returns. Taxpayers can still use IRS Free File to prepare their returns, but the returns must be printed out and sent to the IRS, along with all required documentation.
- The IRS expects to start processing 2009 tax returns claiming the homebuyer credit in mid-February.
- Normally, it takes about four to eight weeks to get a refund claimed on a complete and accurate paper return where all required documents are attached.
New Home Buyers Credit Form Released [IRS.gov]
January 15th 2010, Internal Revenue Service