Mortgage credit certificate. What do I fill in the mortgage interest field ?

Forum|Forum|5 years ago
January 30, 2021
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TurboTax Deluxe Online

linaj20201

Level 14

I am attaching a TurboTax discussion link for the instructions how to enter in the program:

Mortgage Credit Certificate

You can claim the credit only if you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local governmental unit or agency under a qualified mortgage credit certificate program.

To figure your credit, you must use a Form 8396 Mortgage Interest Credit. You must subtract the amount of this credit from your mortgage interest deduction if you want to claim this credit and itemize your deductions. For more information, click here: https://www.irs.gov/forms-pubs/about-form-8396

KimE2

Level 2

If you qualify for the standard deduction, does this reduce the amount of credit you will receive if you have a mortgage credit certificate?

JamesG1

Level 15

The standard deduction does not reduce the amount of Mortgage Interest Credit that you receive.

However, if you itemize deductions on Federal 1040 Schedule A Itemized Deductions, you must reduce your deduction for home mortgage interest on Federal 1040 Schedule A by the amount on line 3 of IRS Form 8396.

@KimE2

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