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rjcon2004
New Member

Can Mark’s not claim credit for his 401K contribution before taxes.

 
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2 Replies

Can Mark’s not claim credit for his 401K contribution before taxes.

401k contributions can only be made by payroll deduction and they are already subtracted from your box 1 taxable wages on your W-2.  You can't take a separate deduction because your income was already reduced. 

MayaD
Employee Tax Expert

Can Mark’s not claim credit for his 401K contribution before taxes.

Yes, you don't have to claim the Retirement Savings Contributions Savers Credit

To remove the credit :

  • Login to your account.
  • Select Federal from the left menu.
  • Go to Deductions and Credits 
  • Scroll down to Retirement savings contribution credit in the Retirement and Investments section
  • Continue to the screen Retirement savings contribution credit and answer Yes to the question "Were you a full time student during any five month in 2022?" ( even if you were not a full time student)

You won't qualify for the credit if you check that you were a full time student.

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