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lcgreen--
New Member

Does ms teachers retirement qualify for retirement savings contributions credit

I used turbo tax premier last year .  It let me use retirement savings contributions credit.  It will not let me use it this year. 

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4 Replies

Does ms teachers retirement qualify for retirement savings contributions credit

Yes, it counts.  However, this retirement is listed on the W-2 and is already taken into account for the Saver's credit. In the Saver's credit area you only list retirement contributions made outside of your employer such as IRA's.

The saver's credit has low income requirements.

For more detail on the Saver's credit see:

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

DLian59v2
New Member

Does ms teachers retirement qualify for retirement savings contributions credit

Your Answer is vague and confusing.

 

Yes - I believe you can take  it  - but you must put theinformation in  and only upto 2000

 

Does ms teachers retirement qualify for retirement savings contributions credit

If the retirement is listed on the W2 in box 12 then the program will automatically calculate the savers credit if you qualify. There's an income phase out for this credit so you might not be eligible for it. Review the form 8880 to see if you are qualified.

Does ms teachers retirement qualify for retirement savings contributions credit

But, if it's noted in box 14, then maybe not... 414h plan contributions do not qualify for the RSCC.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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