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New Member

I dont have this Retirement Savings Contribution Credit

 
2 Replies
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Level 15

I dont have this Retirement Savings Contribution Credit

Beware.  TurboTax presently has a bug where it tells you that you don't qualify for the credit, yet properly calculates and applies the credit.  If you go back through the Retirement Savings Contributions Credit section a second time, TurboTax will give you the true indication as to whether or not you qualify for the credit and the amount of your credit.

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New Member

I dont have this Retirement Savings Contribution Credit

to claim the retirement savings contribution credit (saver’s credit).

You are eligible to claim the credit on your return if the following applies:

  1. Age 18 or older;
  2. Not a full-time student; and
  3. Not claimed as a dependent on another person’s return.

The credit is based on contributions to an employer retirement plan like a 401k or contributions to an IRA (individual retirement account) you hold through a bank.

The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA contributions up to $2,000 ($4,000 if married filing jointly), depending on your adjusted gross income (reported on your Form 1040 or 1040A). Use the chart below to calculate your credit.

The IRS has a calculation chart that can be found by clicking here

Contributions to any of the following retirement accounts will qualify for the credit.  

  1. traditional or Roth IRA;
  2. your 401(k),
  3. SIMPLE IRA,
  4. SARSEP,
  5. 403(b),
  6. 501(c)(18) or governmental
  7. 457(b) plan;
  8. and your voluntary after-tax employee contributions to your qualified retirement and 403(b) plans.