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anbiss
New Member

Do I qualify for the Retirenment Savings Contribution Credit with a 401(k) from my employer?

 
1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

Do I qualify for the Retirenment Savings Contribution Credit with a 401(k) from my employer?

Retirement Savings Contributions Credit (Saver’s Credit)

You may be able to get a tax credit for making eligible contributions to your IRA or employer-sponsored retirement plan.

Who's eligible for the credit?

You're eligible for the credit if you're:

  1. Age 18 or older;
  2. Not a full-time student; and
  3. Not claimed as a dependent on another person’s return. 

 

GEN87219

Amount of the credit

The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA contributions up to $2,000 ($4,000 if married filing jointly), depending on your adjusted gross income (reported on your Form 1040 or 1040A).

 

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.

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3 Replies
Lisa995
Level 12

Do I qualify for the Retirenment Savings Contribution Credit with a 401(k) from my employer?

Enter the W2 exactly as its shown on the form, the program will compute any retirement savings contribution credit allowed.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
anbiss
New Member

Do I qualify for the Retirenment Savings Contribution Credit with a 401(k) from my employer?

Thank you
Coleen3
Intuit Alumni

Do I qualify for the Retirenment Savings Contribution Credit with a 401(k) from my employer?

Retirement Savings Contributions Credit (Saver’s Credit)

You may be able to get a tax credit for making eligible contributions to your IRA or employer-sponsored retirement plan.

Who's eligible for the credit?

You're eligible for the credit if you're:

  1. Age 18 or older;
  2. Not a full-time student; and
  3. Not claimed as a dependent on another person’s return. 

 

GEN87219

Amount of the credit

The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA contributions up to $2,000 ($4,000 if married filing jointly), depending on your adjusted gross income (reported on your Form 1040 or 1040A).

 

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.

View solution in original post

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