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New Member
posted Jun 6, 2019 7:43:18 AM

In the section "retirement savings contribution credit" it auto imported an amount... how was that number chosen?

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1 Best answer
New Member
Jun 6, 2019 7:43:21 AM

This number comes from previous entries made such as a W-2.

The Retirement Savings Contribution Credit is available to you for contributions made to various types of retirement accounts.  These include IRA's, ROTH's and 401(k) contributions as well as other retirement vehicles.

Your credit can be 50%, 20% or 10% of your retirement contributions depending on your Adjusted Gross Income.

I've inserted an IRS link that may be helpful I understanding this credit:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...

2 Replies
New Member
Jun 6, 2019 7:43:21 AM

This number comes from previous entries made such as a W-2.

The Retirement Savings Contribution Credit is available to you for contributions made to various types of retirement accounts.  These include IRA's, ROTH's and 401(k) contributions as well as other retirement vehicles.

Your credit can be 50%, 20% or 10% of your retirement contributions depending on your Adjusted Gross Income.

I've inserted an IRS link that may be helpful I understanding this credit:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...

Level 15
Jun 6, 2019 7:43:23 AM

The calculation is performed automatically by TurboTax on the Form 8880 required to be included with your tax return if you are claiming the credit.  (And, of course, TurboTax automatically claims the credit for you if you are eligible for the credit.)