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Do I input the amount from line 12 in W-2 when asked if about a Retirement Savings Contribution Credit?
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Retirement tax questions
In 2017, the maximum adjusted gross income for Saver's Credit eligibility is $62,000 for a married couple filing jointly, $46,500 for a head of household, and $31,000 for all other taxpayers. The maximum credit you can claim phases out as your income increases.
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.
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Retirement tax questions
Does proseries automatically take box 12 code and calculate Retirement Savings Credit? Or do we have to do this manually?
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Retirement tax questions
I don't know about proseries but Turbo Tax should calculate it. Proseries probably has their own forum. This one is just for Turbo Tax.