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eFile and later amend for $8000 homebuyer credit?

My son is ready to file his taxes for 2009. He will get a refund of $9100, which includes $8000 for the new homebuyer credit. IRS will not allow efile for the homebuyer credit because of paperwork that has to be submitted. If we do a paper return, I've heard that it will take 14 to 16 weeks to get the full refund. Would we better off doing an eFile and omitting the homebuyer credit to get the $1100 refund in a couple of weeks and then later doing a 1040X to get the $8000? I guess the question is this...how much longer will the $8000 portion of the refund be delayed by waiting for the $1100 refund and then filing an amended return?

Reply to
rwmm
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File the paper return, the processing time frame is not as bad as you stated, certainly not as fast as an EFILE, if your son is not in immediate need of the $1100 dollar portion of his refund, the delay should be tolerable.

OTOH, what you propose would work, but the 1040x will take more than the average amount of time, especially at this time of year, more so if many people follow this strategy.

Reply to
Taxmanhog

There are many many stories around the internet of people who have been waiting 6-8 *months* or more for their homebuyer credit refund. It seems to vary a lot by what area you are in, what % they pull for more rigorous fraud checks, and if they flag your paperwork for any reason or request more information it could take even longer.

$1100 is enough that I'd rather get that in a week or two, and then amend for the rest.

Reply to
way222

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