What is the difference between the "Mortgage Interest, Refinancing, and Insurance (Form 1098)" section and "Mortgage Interest Credit Certificate" section?

Forum|Forum|7 years ago
June 3, 2019
2 replies
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In order to report my mortgage interest credit for the current year, do I fill in the "Mortgage Interest, Refinancing, and Insurance (Form 1098)" section? Or the "Mortgage Interest Credit Certificate" section? Or both?

Note: Both of these sections are located in the "Deductions and Credits" section.

TurboTax Deluxe Online

Best answer by LisaBr

To report the Mortgage Interest paid from a 1098, report as follows:

1. Go to Federal.

2. Select Deductions and Credits.

3. Select Your Home.

4. The first choice in this section is Mortgage Interest, Refinancing and Interest (1098).

You will enter the information from your 1098 form in this area.

A Mortgage Interest Credit Certificate is not common since most people don't have this certificate. If you have it, you would have gotten it from your state or local government at the time you bought (or refinanced) your home. If you qualify, you can claim this credit each year based on a portion of your home mortgage interest. We’ll automatically subtract the mortgage interest credit amount from your home mortgage interest deduction, so don't be alarmed if you see that you don't get all of your home mortgage interest as a deduction.

L

LisaBrAnswer

To report the Mortgage Interest paid from a 1098, report as follows:

1. Go to Federal.

2. Select Deductions and Credits.

3. Select Your Home.

4. The first choice in this section is Mortgage Interest, Refinancing and Interest (1098).

You will enter the information from your 1098 form in this area.

A Mortgage Interest Credit Certificate is not common since most people don't have this certificate. If you have it, you would have gotten it from your state or local government at the time you bought (or refinanced) your home. If you qualify, you can claim this credit each year based on a portion of your home mortgage interest. We’ll automatically subtract the mortgage interest credit amount from your home mortgage interest deduction, so don't be alarmed if you see that you don't get all of your home mortgage interest as a deduction.

C

cttaxerAuthor

Employee

What about the other section - Mortgage Interest Credit Certificate? Do I report this as well and enter in my certificate information, etc.?

V

vakgfk

entered 1098 informtio, but interest certificate also show the same number but ignors clicking the button for I don't have a certificate

DawnC

Employee

If you do not have a Mortgage Credit Credit Certificate (MCC) but it is showing up in TurboTax, you will need to delete Form 8396. Type mcc into the search bar and use the Jump to link to be taken directly to the entry screen.

If you are using the Online software, you will see the summary and MCC(s) you have entered and can click on the trash can icon (delete button) to remove the MCC(s).
If you are using Desktop software, click on Forms in the upper right-hand corner. You should be taken to Form 8396 (if not, find it in the list). Use the Delete Form button at the bottom to remove the form and credit from your return.

@vakgfk

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B

be54066c25a6

I do have a Mortgage Interest Credit Certificate.

In TTDeluxe, there is a field for 'mortgage interest.' Do I enter my entire mortgage interest shown on my 1098, and TT will calculate the percentage of the deduction based on the credit rate %? OR, do I have to calculate the mortgage interest?