Mortgage Certificate Credit (MCC)-- Out of Scope for VITA (though I think it shouldn't be as it is a credit ideal for our target audience)
What it is? Borrowers with an MCC can receive a non-refundable credit (up to $2,000) based on the amount of mortgage interest paid and the terms of the certificate. They can receive the credit as long as they pay interest and use the home as their primary residence. What is needed? A copy of the Mortgage Certificate and 1098-T showing mortgage interest paid. Carryforward-- I love this part, any unused credit carry's forward to next year! To learn more see IRS Form 8396 **Note-I have submitted this twice to the IRS to have them consider allowing it to be In Scope for VITA. I didn't this past year but will try again. It is super duper easy to do. |
You can contact me at [email protected]
|
Please note: I, Mary Meador, AM NOT a certified accountant or tax law expert. I volunteer with VITA providing free tax preparation for individuals and families whose income is less than $66,000 a year. We deal with simple returns at our sites. I cannot guarantee the accuracy of all the information on this site as tax laws change and I may not have a clear understanding of complicated issues. I am trying to provide basic tax preparation information for our volunteers to get started--remember Publication 4012 is your go-to resource for questions, as well as irs.gov and Publication 17. I hope you find this information useful and easy to understand. Thanks for being a VITA/TCE volunteer!
**I am human, so if you find a mistake, please let me know so I can fix it--we are all in this together** All images from our UWLHG Canva account unless promoting the resource linked to |