The Retirement Savings Credit (officially, Retirement Savings Contributions Credit or Saver’s Credit) is calculated automatically by TurboTax if you had a qualifying contribution and if you meet these criteria:
- Age 18 or older,
- Not claimed as a dependent on another person’s return, and
- Not a student.
- Your income is below the applicable limit for your filing status. The credit decreases with increasing income up to the limit.
You were a student if during any part of 5 calendar months of the tax year you:
- Were enrolled as a full-time student at a school, or
- Took a full-time, on-farm training course given by a school or a state, county, or local government agency.
See this IRS article for more information.
You can preview your return before filing to find out how your taxes were calculated including the calculation of the Saver's Credit. See here for details.
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