Question

I have a Mortgage Credit Certificate for North Carolina. Does TurboTax know to cap the MCC credit at NC's max amount of $2,000? It didn't ask me what state it's for.

Forum|Forum|7 years ago
June 5, 2019
1 reply
0 views

I'm just wondering because I know many states don't cap the total amount. It also isn't summing the interest I paid between the two lenders who have serviced my loan.

TurboTax Deluxe Windows

M

mglauner

Did you enter two 1098's for the two lenders that serviced your loan? TurboTax should add the interest from both together. You can check the MORTGAGE DEDUCTION SUMMARY to be sure they are both entered, and Edit or Add from there (see screenshot).

You can go to DEDUCTIONS & CREDITS or use the Search to get there, or use Forms mode to check or add for the second lender.

For your MCC, TurboTax asked for the address of the home that qualified (see screenshot) when you entered the MCC info. The State tax portion of TurboTax will make any necessary limitations based on your filing address if you did not enter a different address here.

C

carolina-rubyAuthor

Hi Marilyn - thanks for your help. I've attached a screenshot to the original question. I do have both lenders already in TurboTax. It only appears to be counting the first one for the MCC.