Question

What is the "credit rate" on the form 1098 mortgage credit/interest statement?

Forum|Forum|3 years ago
April 16, 2023
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TurboTax Deluxe Online

There's no spot on a standard Form 1098 for credit rate entry. The preparer may have simply entered it as a "write-in." It doesn't need to be entered in TurboTax.

That said, a credit rate is shown on a Mortgage Credit Certificate. Such a certificate can qualify certain homebuyers to claim a federal tax credit, rather than an itemized deduction. You wouldn't qualify unless you received this certificate, but see Form 8396 and the IRS' Publication 530, Tax Information for Homeowners for more information.