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How is retirement contribution savers credit calculated

 
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JulieCo
New Member

How is retirement contribution savers credit calculated

Per the IRS:  The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA or ABLE account contributions depending on your adjusted gross income (reported on your Form 1040 series return). The maximum credit amount is $2,000 ($4,000 if married filing jointly). Use the chart in this IRS link to calculate your credit:  IRS:  Retirement Savings Contribution Credit


https://ttlc.intuit.com/replies/3301263

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3 Replies
JulieCo
New Member

How is retirement contribution savers credit calculated

Per the IRS:  The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA or ABLE account contributions depending on your adjusted gross income (reported on your Form 1040 series return). The maximum credit amount is $2,000 ($4,000 if married filing jointly). Use the chart in this IRS link to calculate your credit:  IRS:  Retirement Savings Contribution Credit


https://ttlc.intuit.com/replies/3301263

How is retirement contribution savers credit calculated

By those calculations I should be getting $400 for the credit since I do not have any deductions.  The turbotax software calculation is giving me half of what I calculated.  So what is correct
JulieCo
New Member

How is retirement contribution savers credit calculated

If you think there is an error in the calculation of your credit, you can contact TurboTax Customer Support through the link below.  They will be able to help walk through what is occurring in your return.

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3300041">https://ttlc.intuit.com/replies/3300041</a>
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