This should be on the mortgage credit certificate (MCC) from your
state or local government you received at the time of
purchase. These certificates are issued as part of
state and local government programs to help people buy a home.
The credit rate is the percentage used to calculate the mortgage interest credit, and is between 10% and 50% of the qualified mortgage interest
you pay. The mortgage credit certificate (MCC) shows the credit rate
that applies to you. The government agency who issues your MCC
determines this credit rate.
Further information on this credit can be found in the TurboTax program under deductions & credits>Mortgage Interest Credit Certificate.
Hi
I could not find my credit Rate, which is between 10-50 percent
Do you know who can help me?
I called the mortgage company, they only know the interest rate.
This is not findable. Idk what they are asking for but turbotax obviously also has no idea what it is.
The MCC program is a homebuyer assistance program designed to help lower‐income families afford homeownership. The program allows homebuyers to claim a dollar‐for‐dollar tax credit for a portion of mortgage interest paid per year, up to $2,000.
If you had participated in this program (through a state or local government agency) when you purchased your home, you would have been advised of that, and have documentation concerning that. The Certificate has a credit rate % listed on it, which is what TurboTax is asking for.
If this doesn't apply, skip that entry. Here's more info on the Mortgage Credit Certificate, Form 8936.
If you have a Form 8936 in your return and don't have an MCC, here's How to Delete Forms in TurboTax Online.
I don't know either this really sick and turbo tax is a fn scam
If you received a Mortgage Credit Certificate (MCC) when you purchased your home the number will be on that certificate. You may not have one if your mortgage loan was not part of the program
The mortgage credit certificate (MCC) from your state or local government that you would have received at the time of the purchase of your home. The MCC certificate is issued as part of state and local government programs to help people to buy a home.
The credit rate is the percentage used to calculate the mortgage interest credit, and is between 10% and 50% of the qualified mortgage interest you pay. The government agency who issues your MCC determines your mortgage credit rate.
The Mortgage Credit Certificate (MCC) Program offers qualified first-time homebuyers a Federal income tax credit. The credit can reduce potential Federal income tax liability, creating additional net spendable income for qualified first-time homebuyers to possibly use toward their monthly mortgage payments.