The 401k is not a deduction because it is pre-tax contributions from your compensation (also known as deferred compensation) You may qualify for the Retirement Savings Contribution Credit, which TurboTax will calculate based on your W2 entry.
This credit, which is also called the credit for qualified retirement savings
contribution, helps low and middle-income taxpayers save money for
retirement. You must meet all four of these requirements:
- You are not a full-time student.
- You were born on or before January 1, 2000.
- No one else claims you as a dependent on their 2017 tax return.
- Your adjusted gross income (
AGI
) does not exceed:
- $62,000 if married filing jointly
- $46,500 if head of household
- $31,000 if single, married filing
separately, or a qualified widow(er)
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