In most cases, this will be the amount in box 1 on Form 1098, Mortgage Interest Statement, or on a similar statement you received from your mortgage holder.
If the amount on line 9 is less than the amount on line 7, you may have an unused credit to carry forward to the next 3 tax years or until used, whichever comes first. The current year credit is used first and then the prior year credits, beginning with the earliest prior year. If you have any unused credit to carry forward to 2021, keep a copy of this form to figure your credit for 2021.
To enter your Mortgage Credit Certificate in TurboTax (Online Free Edition does not support this feature)
-
Select the Federal Taxes tab (In Home & Business Edition select the “Personal” tab)
-
Select “Deductions and Credits” then press the “I’ll choose what I work on” button
-
Scroll down to the “Your Home” section and (In the online version also select “Show More”) then start or update “Mortgage Interest and Refinancing”
-
Answer Yes if prompted “Did you have any home loans in 2015”
-
Continue entering information about your mortgage and press the Continue button after each screen
-
When you return to the “Home Loan Summary Screen” you will have the option to add additional loans if needed
-
You will return to the “Your 2015 Deductions and Credits” screen
-
Scroll down to the “Your Home” section and start or update “Mortgage Interest Credit Certificate”
-
Answer Yes to “Do You Have a Mortgage Credit Certificate”
-
Continue to the “Enter Mortgage Interest Credit Info” screen
-
Enter the information from your certificate. For the mortgage interest field, only enter mortgage interest that was for the loan covered by your certificate (do not use interest from other loans) and press Continue
-
If you have a carryover of this credit from previous years, answer Yes on the “Mortgage Credit Carryover” screen, then enter your carryover information from the last three years
If you itemize your deductions on Schedule A, you must reduce the amount of home mortgage interest you would otherwise deduct on Schedule A by the amount on Form 8396 - TurboTax will deduct the proper amount for you.
You can get more information about the Mortgage Credit Certificate from the IRS at https://www.irs.gov/pub/irs-pdf/f8396.pdf
You can get more information about Home Mortgage Interest in general at https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Deducting-Mortgage-Interest-FAQs/INF12...
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
