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New Member
posted Feb 27, 2025 2:44:17 PM

I am still unsure - is the monthly ROth IRA contribution that "comes" with the account, is that what "retirement savings contributions credit" means?

Just wondering if I need to report the regular monthly deduction by Primerica, or if it asks about ADDITIONAL ones?

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1 Best answer
Level 15
Feb 27, 2025 3:15:28 PM

Yes you are contributing to your ROTH IRA.  You need to enter the total contribution for the year into Turbo Tax.  It can qualify you for the Retirement Savings Credit.  

4 Replies
Expert Alumni
Feb 27, 2025 2:48:53 PM

No, a retirement savings contribution credit is a credit against your federal income tax for contributing to a retirement account. Depending on your income, if you make contributions to a retirement account during the year and meet other requirements you can get a reduction in your income tax in the form of a credit.

New Member
Feb 27, 2025 3:07:50 PM

Ok..... so, the standard monthly amount my Roth IRA takes out of my bank statement is NOT considered "contribution" to a retirement account here?

Expert Alumni
Feb 27, 2025 3:12:47 PM

It is a contribution that may afford you a credit. The credit would be called a retirement savings contribution credit. But the contribution would be just that, a contribution, not a credit. You may not qualify for the credit just because you make a retirement contribution. Also, the credit would be less than the contributions you make.

Level 15
Feb 27, 2025 3:15:28 PM

Yes you are contributing to your ROTH IRA.  You need to enter the total contribution for the year into Turbo Tax.  It can qualify you for the Retirement Savings Credit.