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bianca-gray
New Member

If our tax liability is 530 and our dependent tax credit is 530.... what would the amount of our retierment savings contribution credit??

me and my husband are married and are filling a joint return. my husband made 35000 and he contributed 2000 to his 401(k) plan at work, i earned 5000 and contributed 1000 to my 401(K) . we have three dependents and our agi is 37000. our tax liability is 530. what would the amount of our retierment savings contribution credit??

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Accepted Solutions
IreneS
Intuit Alumni

If our tax liability is 530 and our dependent tax credit is 530.... what would the amount of our retierment savings contribution credit??

If your tax liability is $530 and the dependent tax credit is also $530, it sounds like you've brought your tax liability down to zero. 

The Retirement Savings Contribution Credit is a nonrefundable credit.  A nonrefundable credit is subtracted from your income tax liability, up to the total amount you owe. But unlike a refundable tax credit, a nonrefundable credit cannot reduce your tax balance beyond zero.


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1 Reply
IreneS
Intuit Alumni

If our tax liability is 530 and our dependent tax credit is 530.... what would the amount of our retierment savings contribution credit??

If your tax liability is $530 and the dependent tax credit is also $530, it sounds like you've brought your tax liability down to zero. 

The Retirement Savings Contribution Credit is a nonrefundable credit.  A nonrefundable credit is subtracted from your income tax liability, up to the total amount you owe. But unlike a refundable tax credit, a nonrefundable credit cannot reduce your tax balance beyond zero.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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