Why I am not getting Retirement Savings Contributions Credit?
I contributed $2000 to Elective deferrals to a 401(k) or other qualified employer plan and my income under $62k so I was suppose to get $200 (10% of $2,000)
This is a nonrefundable credit. The amount of the credit in any year can’t be more than the amount of tax that you would otherwise pay in any year. If your tax liability is reduced to zero because of other nonrefundable credits, such as the education credits, then you won’t be entitled to this credit.
