Basically, I qualify for an $11 Retirement Savings Contribution Credit, but that requires filing a Form 1040, which TurboTax Free Edition doesn't cover. The cost to upgrade is ~$50. I'd rather save myself $39 dollars and just not claim this credit, but I can't figure out how to remove it. It may be possible to simply remove my 401(k) contributions from my W-2, but I have no idea how legal that is.
Greatly appreciate help,
Coney
Yes, it is perfectly legal to remove the Retirement Savings Contribution Credit from your Tax Return. DO not remove your 401(k) deductions from your W2, you need to input your form exactly as it appears.
If you are eligible for the Retirement Savings Credit (Savers Credit) but DO NOT want to claim it, you can elect to do so by indicating that you are a "full-time student" (even though you are not). Indicating that you are a full-time student does not change your return in any way, except that it makes you ineligible for the Savers Credit.
To elect out of claiming the Savers Credit, even though you qualify to claim it, please follow these instructions:
Please click the link to this TurboTax FAQ for more information: What is the Savers Credit?
Yes, it is perfectly legal to remove the Retirement Savings Contribution Credit from your Tax Return. DO not remove your 401(k) deductions from your W2, you need to input your form exactly as it appears.
If you are eligible for the Retirement Savings Credit (Savers Credit) but DO NOT want to claim it, you can elect to do so by indicating that you are a "full-time student" (even though you are not). Indicating that you are a full-time student does not change your return in any way, except that it makes you ineligible for the Savers Credit.
To elect out of claiming the Savers Credit, even though you qualify to claim it, please follow these instructions:
Please click the link to this TurboTax FAQ for more information: What is the Savers Credit?