A competitor's website lets me take advantage of the "Saver's Credit" because I met the requirements. Are others having this issue?
Did you also take any money out of a retirement plan? Your eligible contributions may be reduced by any recent (2018, 2019, 2020, or 2021 prior to 4/15) distributions you received from a retirement plan or IRA, or from an ABLE account. Furthermore, Rollover contributions do not qualify for the credit.
Hi!
No I didn’t take any money out of my plan, and upon double checking the requirements for this credit, I meet all the criteria. It seems as though there’s a technical glitch in the software because it’s not recognizing info that I inputted from my W-2.
It also depends on whether you have any income tax liability for the Savers Credit to reduce. Do you have any income tax liability? The Savers Credit is a non-refundable credit, which means once your income tax liability is already reduced to zero, it's not going to provide any additional; i.e., it cannot reduce the amount of your income tax below zero. Review lines 16-22 of your Federal Form 1040, and Schedules 2 and 3.
To preview your return Form 1040 and Schedules 2-3, here are the steps.