Have you gotten the reject code S2-F1040-394? Well, if so, then the IRS wants you to amend your returns and resubmit them.
Errors relating to first-time home buyer payments can also be the following:
- IND-147 ― Required to submit first-time homebuyer payment with tax returns
- F1040-429-02 ― Spouse must submit first-time homebuyer payment to IRS.
- S2-F1040-147 ―First-time home buyer payment is due.
Why Did You Receive the Reject Code S2-F1040-394?
The reason for you to get the S2-F1040-394 is that the tax authorities found out according to the schedule 2 form that the repayment as a first-time home buyer is more than the credit listed with the IRS. Therefore, it means that you must rectify the amount accordingly.
How do I Resolve the S2-F1040-394 Problem?
To resolve rejection code S2-F1040-394, you need to review your tax return and make sure you have calculated the refund amount correctly. You should also verify that you have correctly reported all relevant information, including any changes to your home ownership or income.
Can I Solve the Issue S2-F1040-394 in TurboTax?
Yes, when you receive the denial IRS code S2-F1040-394 you can use the TurboTax application to solve the problem. The steps that you can do are as follows:
- Open your TurboTax account and navigate to the “Federal” tab on the left-hand side of the screen.
- Click on “Amend a filed return” and select the tax year in question.
- Follow the prompts to create and open a copy of your original tax return.
- Navigate to the section for the First-Time Homebuyer Credit repayment and double-check that you entered all the information accurately.
- If you find any errors, make the necessary corrections and save your changes.
- Once you have verified that all information is accurate, go back to the “Amend a filed return” section and select “File amended return” to submit your corrected return.
- Check the status of your amended return to ensure that it has been accepted and the issue is resolved.
Reject code S2-F1040-394 is an issue that happens when the repayment amount for the First-Time Homebuyer Credit Installment is higher than the credit itself. To resolve this issue, taxpayers must carefully analyze their tax documents and amend any mistakes in calculating or reporting the relevant information.
Frequently Asked Questions
This code means that the repayment amount for the First-Time Homebuyer Credit Installment is greater than the credit itself.
The most common cause of this code is an error in calculating the repayment amount or reporting incorrect information.
To correct this code, you need to review your tax return, make any necessary corrections, and resubmit your return.
If you do not resolve this issue promptly, you may face consequences in your tax refund.
No, you cannot receive your tax refund until you correct this issue and resubmit your return.
Provide documentation related to your home ownership or income to resolve this issue.
Yes, TurboTax can help you resolve this issue by guiding you through the process of correcting your tax return.
Yes, you will need to amend your tax return to correct this issue.
