2020 Saver's credit is calculating wrong. I qualify for the 10% credit and I contributed $12000 to my IRA between myself and my wife. It is saying only $400.

[SweetieJean]

Did you take any money out of any retirement plans?  There is an adjustments for that.  See this:

2020 Form 8880 (irs.gov)

[DoninGA]

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@SweetieJean wrote:

Did you take any money out of any retirement plans?  There is an adjustments for that.  See this:

2020 Form 8880 (irs.gov)

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Hi SJ...Great to see you back!!

[Critter]

Ditto...🤗

[Critter]

The credit is also non refundable so it is limited by your tax liability ... so what is the amount on line 12?  Review the form for accuracy.  https://www.irs.gov/pub/irs-pdf/f8880.pdf

[dmertz]

You are not permitted to may your IRA contribution and your wife's IRA contribution to the same IRA, so I hope that not what you meant when you said that.

Only the first $2,000 of each individual's retirement contributions are considered for the credit.  If you and your wife each made IRA contributions of at least $2,000 each and neither of you has made any recent retirement distribution, your AGI apparently puts you and your wife in the AGI range where the credit is 10% of $2,000 = $200 for each of you for a total of $400.