1996737
You'll need to sign in or create an account to connect with an expert.
Only contributions you make count towards the credit, not what your employer puts in. Depending on your adjusted gross income reported on your Form 1040 series return, the amount of the credit is 50%, 20% or 10% of:
I understand those limits, but I’m unclear on how to tell what type of those plans, if any, the state pension is. Thanks in advance, @DawnC .
Since all plans have their own features and benefits, it's not always easy to know. Some are hybrid plans that do allow employee contributions. Verify with your employer, but if it is purely a ''defined benefit pension plan'' that only takes contributions from your employer, it does not qualify. To qualify for the credit, you must have made the contributions. If the plan allows you to contribute, it is most likely a plan listed above.
As I recall,
.......if your contributions show in box 12 of your W-2, then they qualify.....and would automatically show up in the RSCC interview.
If your contributions show in box 14, then those are for a 414h plan, and those do not qualify.
_____________________
Though, someone might correct me of that notion with some "except for" exception.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
CRAM5
Level 1
neldaacarrasco
New Member
cfreeman244
New Member
les_matheson
Level 2
Brownshoes1992
Level 1