Based on the 2024 Saver's Credit, I should qualify for $344.80 but TurboTax is only entering $200. Am I missing something?

[whumphreys]

My total 401k contribution was $3448.00 and I fell in the $50,001-$76,500 Married filing jointly, which would be 10% of my contribution.

[VolvoGirl]

That is a non refundable credit.  It can only reduce your tax to zero and not add on to your refund.   How much tax is showing on 1040 line 16?  

[VolvoGirl]

Found an article on it.  have you entered all your income?  What is the Savers Credit article

What Is the Savers Credit? - TurboTax Tax Tips & Videos

[whumphreys]

I owed more than $4000 in taxes, but I should qualify for a tax break of $344.80. TurboTax is only showing a $200 tax break. I'm unsure why TurboTax is not calculating $344.80

[VolvoGirl · Accepted solution]

Read the whole article I posted.  It says……

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.

And for  50,000-76,000 AGI the max is 10% of the 2,000

[whumphreys]

I understand now, THANK YOU!