I am receiving EF message 5030 regarding the First-Time Homebuyer Credit. How can I clear this error?
EF Message 5030 reads:
A First-Time Homebuyer's Credit amount was updated to the HOME screen and an amount for the same credit is entered directly on the HOME screen. If the amount updated is incorrect, then delete the HOME screen it was updated to and re-enter the correct amount. If the amount updated is correct, then remove the direct entry from the HOME screen.
To clear this message, return to data entry and go to the Income tab > HOME Sale of Residence screen. On the right side of the HOME screen will be a Form 5405 Repayment Information section. If the return was updated from the prior year Drake Software, the Year home purchased and Amount of credit taken fields may already have populated amounts, these fields are grayed out and are not editable.
If there are grayed out amounts in these fields, the Original credit from Form 5405 field should be left blank. If the grayed out amounts shown are incorrect, the HOME screen should be deleted (Ctrl+D) and the correct amounts should be manually entered.
If the grayed out fields do not contain carryover amounts, the Date home was purchased, Original credit from Form 5405 and the Amount of original credit repaid in prior years should be manually entered. All three fields are required in order to calculate the repayment of the credit.
For more information on entering the First-Time Homebuyer Credit within Drake, see the video Form 5405 and Related Links below.