What about your birthdate?
Are you filing Form 2555 or 4563?
SAVER’S CREDIT
However, you can’t take the credit if either of the following applies.
• The amount on Form 1040, 1040-SR, or 1040-NR, line 11, is more than $32,500 ($48,750 if head of household; $65,000 if married filing jointly).
• The person(s) who made the qualified contribution or elective deferral
(a) was born after January 1, 2003;
(b) is claimed as a dependent on someone else’s 2020 tax return; or
(c) was a student.
CAUTION You’ll need to refigure the amount on Form 1040 or 1040-SR, line 11, if you’re filing Form 2555 or Form 4563
The Retirement Savings Contributions Credit (“Saver’s credit”) is very limited and is for low income people. See the table on Form 8880: https://www.irs.gov/pub/irs-pdf/f8880.pdf
You, or your spouse, must not have taken money out of a retirement account (including drawing a pension) in the last three years.
The Retirement Savings Contributions Credit (“Saver’s credit”) is very limited and is for low income people. See the table on Form 8880: https://www.irs.gov/pub/irs-pdf/f8880.pdf
You, or your spouse, must not have taken money out of a retirement account (including drawing a pension) in the last three years. See line 2 on form 8880.
Until you indicate that you are not a full-time student, the program won't give you the credit. You may have to go through the error-check/review.
It is not a refundable credit. You must have a tax liability to take the credit against.
TurboTax (TT) will check this automatically when it sees you made a qualified contribution. If you want to verify that happened; enter in TT at:
Federal Taxes Tab
Deductions & Credits
-Scroll down to:
-Retirement and Investment
- Retirement Savings Contribution Credit