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New Member
posted May 31, 2019 11:20:22 PM

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. 

0 4 2584
4 Replies
Level 15
May 31, 2019 11:20:23 PM

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... 

New Member
Mar 8, 2023 6:51:00 AM

Your Answer is vague and confusing.

 

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

 

Level 15
Mar 8, 2023 7:30:29 AM

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.

Level 15
Mar 8, 2023 8:03:43 AM

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