I am a little surprised by my assessed return showing less credit for first time homebuyer.
My 1040 shows line 7 less than 150K. I have small amount of spousal income from Canada excluded shown on line 21. The subtraction of line 7 minus line 21 is shown on Line 22.
Line 37 is same as line 22.
So far so good.
However first time home owner credit form shows my MAGI as the excluded 2555 income added back to line 7 resulting in exceeding 150K threshold.
Did I make any error in filing?
Income excluded by 2555 added back in MAGI?
Moderator: Mark T Serbinski CA CPA
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