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New Member
posted Jun 3, 2019 10:21:40 AM

If I contribute 0.00 to a employer retirement plan should I be getting a $200.00 credit?

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1 Best answer
New Member
Jun 3, 2019 10:21:46 AM

Yes. The $200 was a legitimate credit for making your IRA contribution.

The Saver’s Credit can be taken for your contributions to a 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.

Depending on your adjusted gross income and filing status, you can claim the credit for 50%, 20% or 10% of the first $2,000 you contribute during the year to a retirement account. Therefore, the maximum credit amounts that can be claimed are $1,000, $400 or $200.

Please feel free to post any additional details or questions in the comment section.

5 Replies
New Member
Jun 3, 2019 10:21:41 AM

Did you also contribute to an IRA? Or did your spouse,  if any, contribute to either?

New Member
Jun 3, 2019 10:21:44 AM

Yes - to my individual traditional ira.

New Member
Jun 3, 2019 10:21:45 AM

Great, thanks.

New Member
Jun 3, 2019 10:21:46 AM

Yes. The $200 was a legitimate credit for making your IRA contribution.

The Saver’s Credit can be taken for your contributions to a 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.

Depending on your adjusted gross income and filing status, you can claim the credit for 50%, 20% or 10% of the first $2,000 you contribute during the year to a retirement account. Therefore, the maximum credit amounts that can be claimed are $1,000, $400 or $200.

Please feel free to post any additional details or questions in the comment section.

New Member
Jun 3, 2019 10:21:47 AM

When they ask me did I want the deluxe package, it wouldn't let me go back or do anything so it made me go forward and that's not fair