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harowen
New Member

My mortgage credit certificate is only partially applied, w/ a carryover credit of $758. I owe more than that, why isn't my full credit applying to this year?

My total MCC credit is $1,746, Turbotax is only utilizing $988 of the credit and giving me a carryover of $758.  However, I owe greater than $758 of taxes, so don't understand why my credit isn't being fully applied for this tax year.
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Accepted Solutions
LindaA
Level 10

My mortgage credit certificate is only partially applied, w/ a carryover credit of $758. I owe more than that, why isn't my full credit applying to this year?

This credit only applies to your federal income tax. If you have other taxes, such as self-employment tax or additional tax on an early distribution from a retirement plan, the mortgage interest credit will not affect them.


You can preview your 1040 (or look at the PDF or printout) to see the mortgage interest credit (line 54) and the other taxes you may have (lines 57-62).

  • Continue your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
  • Click the drop-down arrow next to Tax Tools (lower left side of your screen).
  • Select Tools.
  • Under Other helpful links…, click View Tax Summary.
  • At the left side of the screen, click Preview My 1040.
  • Scroll down to line 54. to see the mortgage interest credit. Then scroll down and see if there is any additional tax on lines 57-62. 

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1 Reply
LindaA
Level 10

My mortgage credit certificate is only partially applied, w/ a carryover credit of $758. I owe more than that, why isn't my full credit applying to this year?

This credit only applies to your federal income tax. If you have other taxes, such as self-employment tax or additional tax on an early distribution from a retirement plan, the mortgage interest credit will not affect them.


You can preview your 1040 (or look at the PDF or printout) to see the mortgage interest credit (line 54) and the other taxes you may have (lines 57-62).

  • Continue your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
  • Click the drop-down arrow next to Tax Tools (lower left side of your screen).
  • Select Tools.
  • Under Other helpful links…, click View Tax Summary.
  • At the left side of the screen, click Preview My 1040.
  • Scroll down to line 54. to see the mortgage interest credit. Then scroll down and see if there is any additional tax on lines 57-62. 
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