For the MCC ... Turbo Tax asks for limit int/points from form 1098. I do not have this information on my form 1098. It also says this amount should be less than -707? It will not proceed with filing of my taxes without this information.
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The error condition stating that “limit int/points should not be greater than –XXXX” is being generated for the case where the taxpayer has mortgage interest reported on Form 1098 from their lender as well as a Mortgage Credit Certificate (MCC), but both forms were not entered into the tax return (or another specialized situation discussed at the end).
In order to be able to claim the MCC, the mortgage interest information from your lender must also be entered even though you are not claiming itemized deductions.
To correct the error, be sure that both the form 1098 information (and all the follow-up questions) and the MCC information has been entered into your tax return. Also, do not enter any values or answers on the screen where you see the error.
To go directly to the section of your return to enter the 1098 information, you can use the following steps:
After your 1098 information has been entered and the follow-up questions answered, the error condition should be cleared.
(There was one additional case where the error could be generated even though both documents were entered. If the box is checked that your name is not shown on the 1098 from your lender, then the error could be generated. As long as your name is on the loan documents, you are liable to pay the mortgage, and you did pay the mortgage interest reported on the 1098, then you can uncheck that box to clear the error condition.)
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