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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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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:
- Age 18 or older;
- Not a full-time student; and
- 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.
- traditional or Roth IRA;
- your 401(k),
- SIMPLE IRA,
- SARSEP,
- 403(b),
- 501(c)(18) or governmental
- 457(b) plan;
- and your voluntary after-tax employee contributions to your qualified retirement and 403(b) plans.