The 2008 First-Time Homebuyer Credit Repayment,
Do You Know Your Obligation?
2024 is the final year of the 15-year repayment period. Use this simulator to check your final obligation and find hidden tax benefits.
First-Time Homebuyer Credit (FTHBC) Repayment Simulator
This tool is for those who received the credit in 2008. Enter your information to find your final repayment amount and potential tax benefits.
Simulation Results
Exploring Other Taxes on Schedule 2
Schedule 2 includes several taxes besides the FTHBC repayment. Click each item for a simple explanation and a sample calculation.
Self-Employment Tax
This is the Social Security and Medicare tax paid by independent contractors and freelancers. The total rate is 15.3%, half of which is deductible for income tax purposes.
Additional Tax on Early Withdrawals
If you withdraw funds from an IRA, 401(k), etc., before age 59.5, you may owe a 10% penalty tax in addition to income tax. Certain exceptions (first-time home purchase, education costs) may apply.
Estimated Penalty Tax: $0
Additional Medicare Tax
A 0.9% tax on high-income earners. It applies to earned income above certain thresholds (e.g., $200,000 for Single, $250,000 for Married Filing Jointly).
Net Investment Income Tax (NIIT)
A 3.8% tax on the net investment income (interest, dividends, capital gains, etc.) of high-income earners. The income thresholds are the same as for the Additional Medicare Tax.