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Do i qualify for retirement savings contribution credit?

does turbo tax auto calculate whether I qualify?
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3 Replies
ThomasM
New Member

Do i qualify for retirement savings contribution credit?

TurboTax will take the information from your W-2 box 12 codes (salary deferrals), from your entries in the Retirement and Investments section (under the Deductions & Credits heading) where you'll enter any Traditional and Roth IRA contributions, and from the Retirement Savings Contribution Credit section, which is also under Retirements and Investments.

The only entries you'll need to make in the RSCC section will be any after-tax additional contributions not entered in the other two areas listed above.  There will be individual boxes for husband & wife if filing jointly.

Then TurboTax will calculate whether you qualify and how much of the credit you are allowed (it's a tiered credit based on AGI).

Do i qualify for retirement savings contribution credit?

where do the after-tax additional contributions get entered?  is the same as a nondeductible contribution?
ThomasM
New Member

Do i qualify for retirement savings contribution credit?

Go to Federal Taxes > Deductions & Credits > Retirements & Investments > Retirement Savings Contribution Credit.  This area would be for after-tax contributions to a plan/account other than a Traditional or Roth IRA, since you'll enter those contributions (both deductible & non-deductible) under Retirement & Investments > Traditional & Roth IRA Contributions.
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