I am self employed. I contributed 6000. to my Solo-401K plan. My adjusted gross income is 8000. Why do I not qualify for a savers credit? @19,500 is the cut off?

Both gross and adjusted gross income is under the limit for receiving the saver's credit.
Turbo Tax says I am not eligible for it.

posted

If your federal tax is already down to zero then that credit is useless as it can only reduce your FEDERAL taxes down to zero. It cannot be applied to SE taxes.

When performing the error check on turbo tax, I get an error that says noncash contributions worksheet needs a cost/adjusted basis entered. Where do I enter this?

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I am self employed. I contributed 6000. to my Solo-401K plan. My adjusted gross income is 8000. Why do I not qualify for a savers credit? @19,500 is the cut off?

I am self employed. I contributed 6000. to my Solo-401K plan. My adjusted gross income is 8000. Why do I not qualify for a savers credit? @19,500 is the cut off?

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I am self employed. I contributed 6000. to my Solo-401K plan. My adjusted gross income is 8000. Why do I not qualify for a savers credit? @19,500 is the cut off?

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I am self employed. I contributed 6000. to my Solo-401K plan. My adjusted gross income is 8000. Why do I not qualify for a savers credit? @19,500 is the cut off?

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