Get the free WHEDA Tax Advantage MCC Program Income Tax Affidavit

This document is used to certify the applicant's eligibility for the MCC program, including statements regarding filing income tax and related deductions.

How to fill out wheda tax advantage mcc

How to fill out WHEDA Tax Advantage MCC Program Income Tax Affidavit

1. Start by downloading the WHEDA Tax Advantage MCC Program Income Tax Affidavit form from the official WHEDA website.
2. Fill in your personal information at the top of the form, including your full name, address, and Social Security number.
3. Provide details about your household income, including all sources of income such as wages, self-employment income, and any other earnings.
4. Indicate the number of dependents you have by filling in the appropriate section on the affidavit.
5. Attach any necessary supporting documentation that verifies your income and household circumstances as specified in the instructions.
6. Review the completed form thoroughly to ensure all information is accurate and complete.
7. Sign and date the affidavit at the designated section to certify that the information provided is true.
8. Submit the affidavit to the designated address provided in the guidelines or to your lender, if applicable.

Who needs WHEDA Tax Advantage MCC Program Income Tax Affidavit?

1. Individuals or families who are applying for or currently participating in the WHEDA Tax Advantage MCC Program.
2. Homebuyers who wish to claim the mortgage credit certificate to reduce their income tax liability.
3. Those who need to verify their income for the MCC program in order to qualify for the benefits.

People Also Ask about

What is the MCC tax credit in Wisconsin?

How Does the MCC Work? You can claim a tax credit on some of your mortgage interest payments if you qualify for an MCC. The tax credit equals 20% of your annual mortgage interest, up to a maximum of $2,000 annually. The remaining 80% of your mortgage interest is still deductible on your federal income taxes.

What qualifies as MCC?

First-time homebuyers: MCC programs are limited to first-time homebuyers (borrowers who have not had an ownership interest in a principal residence in three years).

Who is eligible for the tax credit?

You may qualify for the full credit only if your modified adjusted gross income is under: $400,000 for those married filing jointly and $200,000 for all other filers. The higher your income, the less you'll qualify for.

How does the MCC tax credit work?

The MCC benefit can equal 15% - 20% of mortgage interest as determined by the locality for their program. It can be redeemed annually on the homebuyer's federal taxes or proportionately each month on their paycheck by increasing their withholdings.

Who is eligible for Wisconsin property tax credit?

You occupied and owned or rented a home, apartment, or other dwelling that is subject to Wisconsin property taxes during 2024. You are a legal resident of Wisconsin for all of 2024. You are 18 years of age or older on December 31, 2024. Your household income was less than $24,680 for 2024.

For pdfFiller’s FAQs

What is WHEDA Tax Advantage MCC Program Income Tax Affidavit?

The WHEDA Tax Advantage MCC Program Income Tax Affidavit is a document used by borrowers to certify their income for eligibility in receiving a mortgage credit certificate (MCC) from the Wisconsin Housing and Economic Development Authority (WHEDA).

Who is required to file WHEDA Tax Advantage MCC Program Income Tax Affidavit?

Individuals who have been approved for the WHEDA Tax Advantage MCC and are applying for a mortgage credit certificate must file the Income Tax Affidavit to verify their income.

How to fill out WHEDA Tax Advantage MCC Program Income Tax Affidavit?

To fill out the WHEDA Tax Advantage MCC Program Income Tax Affidavit, borrowers must complete sections detailing their personal information, household income, and relevant financial documentation, ensuring all data is accurate and supported by tax records.

What is the purpose of WHEDA Tax Advantage MCC Program Income Tax Affidavit?

The purpose of the WHEDA Tax Advantage MCC Program Income Tax Affidavit is to assess the borrower's eligibility for the mortgage credit certificate program by verifying income details to ensure compliance with program requirements.

What information must be reported on WHEDA Tax Advantage MCC Program Income Tax Affidavit?

The WHEDA Tax Advantage MCC Program Income Tax Affidavit must report personal identification information, total household income from all sources, and any deductions or exceptions that apply to the household income as per the guidelines set by WHEDA.