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Get your taxes done using TurboTax
The credit amount is based on line 11 of Form 1040, adjusted gross income (AGI). In your case AGI includes your W-2, net earnings from self-employment and unemployment minus a deduction for half your self-employment tax.
TurboTax calculates AGI and Form 8880 for you.
The Retirement Savings Contributions Credit (Saver’s Credit) a special tax break to low- and moderate-income taxpayers who are saving for retirement. Depending on your adjusted gross income and tax filing status, you can claim the credit for 50%, 20% or 10% of the first $2,000 you contribute during the year to a retirement account. Therefore, the maximum credit amounts that can be claimed are $1,000, $400 or $200.
Learn more at What Is the Savers Credit?
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February 4, 2021
11:50 AM