Do I input the amount from line 12 in W-2 when asked if about a Retirement Savings Contribution Credit?
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New Member

Do I input the amount from line 12 in W-2 when asked if about a Retirement Savings Contribution Credit?

 
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New Member

Do I input the amount from line 12 in W-2 when asked if about a Retirement Savings Contribution Credit?

Enter your W-2 exactly as it appears on your printed paper form. Box 12 of your W-2 can have an amount with Code D, E, F or G for retirement contributions which are eligible for the credit. IRA contributions are also eligible for the credit. 

To claim the Retirement Savings Contribution Credit or Savers Credit, you must be age 18 or older and you cannot be a full-time student or be claimed as a dependent on someone else's tax return. Your retirement contribution must have been made during the tax year for which you are filing your return. And you must meet the income requirements.

In 2017, the maximum adjusted gross income for Saver's Credit eligibility is $62,000 for a married couple filing jointly, $46,500 for a head of household, and $31,000 for all other taxpayers. The maximum credit you can claim phases out as your income increases.

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.

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New Member

Do I input the amount from line 12 in W-2 when asked if about a Retirement Savings Contribution Credit?

Does proseries automatically take box 12 code and calculate Retirement Savings Credit? Or do we have to do this manually?

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Level 15

Do I input the amount from line 12 in W-2 when asked if about a Retirement Savings Contribution Credit?

I don't know about proseries but Turbo Tax should calculate it.  Proseries probably has their own forum.  This one is just for Turbo Tax.

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