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aww2018
New Member

Can I receive the Retirement Savings Contribution credit. I only contributed to my 401K through Palmetto Goodwill. See box 12 on W-2 form.

Or is the 401K outside of my job the only way to receive the credit?
2 Replies
dmertz
Level 15

Can I receive the Retirement Savings Contribution credit. I only contributed to my 401K through Palmetto Goodwill. See box 12 on W-2 form.

TurboTax automatically includes your 401(k) elective deferrals and Roth contributions shown in box 12 of your W-2 in determining this credit.

Opus 17
Level 15

Can I receive the Retirement Savings Contribution credit. I only contributed to my 401K through Palmetto Goodwill. See box 12 on W-2 form.

You can't have a 401(k) "outside" your job, a 401(k) is exclusively an employer-sponsored plan.  You can have an IRA, but an IRA is not a 401(k).  Your 401(k) should be reported on your W-2 and Turbotax will take the info from that. 

 

The retirement savings credit has a pretty low income phase-out, and you can't be someone else's dependent to get it. 

 

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...

https://www.irs.gov/newsroom/get-credit-for-retirement-savings-contributions

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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