The Mortgage Interest Credit for a Mortgage Credit Certificate is a so-called non-refundable credit. That means the credit will help lower your tax liability to $0, but anything left over will be carried over to next year instead of being added to your refund.
Look for Form 8396 Mortgage Interest Credit in your tax return. That shows the calculation for your mortgage interest credit. Line 9 shows the amount of credit being used on your tax return. Line 17 shows the credit carried forward to next year.
To enter a mortgage credit certificate in TurboTax:
- Click on Federal
- Then Deductions & Credits
- Scroll down to Your Home. Click Show more
- Start Mortgage Interest Credit Certificate
The MCC program helps lower‐income families afford homes. The program gives a dollar‐for‐dollar tax credit for a portion of mortgage interest paid per year, up to $2,000.
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