DawnC0
Intuit Alumni

Retirement tax questions

Possibly, however the amount, if any, is dependent on a few factors, but TurboTax will figure that for you.  You only need to enter your W-2 to get credit for your 401(k) contributions.  You're eligible for the credit if you're:

  • Age 18 or older;
  • Not a full-time student; and
  • Not claimed as a dependent on another person’s return.

This credit is given to encourage savings.  The Saver’s Credit (Retirement Savings Contribution Credit) can be taken for your contributions to a traditional or Roth IRA; your 401(k), SIMPLE IRA, SARSEP, 403(b), 501(c)(18) or governmental 457(b) plan; and your voluntary after-tax employee contributions to your qualified retirement and 403(b) plans.  Beginning in 2018, contributions to ABLE accounts also qualify for the credit.  

The amount of the credit is 50%, 20% or 10% of your retirement plan, ABLE account or IRA contributions up to $2,000 ($4,000 if married filing jointly), depending on your adjusted gross income (reported on your Form 1040).  The chart in this IRS link shows what your credit rate is based on your AGI:   Saver's Credit 

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