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Danajay
New Member

Is my state retirement account eligible for a tax credit?

The contribution is pre tax and not included in box 1 of my W2. Box 13 marked ret. plan and box 14 shows amount and labeled  Def Ret
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2 Replies
AndreaG
New Member

Is my state retirement account eligible for a tax credit?

Yes. If your contribution is an eligible contribution and you meet the other requirements for the credit. Eligible contributions include 401(k) and 403(b) plans. Please refer to pages 47-48 under the headings, "retirement savings contributions credit" and "eligible contributions" to determine if your contribution is an eligible contributionhttps://www.irs.gov/pub/irs-pdf/p590a.pdf

Please refer to the following FAQ to learn more about the requirements for this credit. https://ttlc.intuit.com/replies/3301263

There are additional requirements concerning your age, AGI, status as a student, and whether you are a dependent taxpayer. Please refer to page 47-48 of Pub 590A under the heading, "Retirement Savings Contributions Credit" to learn more about these requirements.   https://www.irs.gov/pub/irs-pdf/p590a.

Any contributions that you made to a retirement plan in 2016 that are reported on your W-2 will be recorded in Turbo Tax when you enter your W-2. However, retirement plan contributions are generally entered in box 12 of the W-2, so if this contribution is considered an eligible contribution for the retirement savings contributions credit, you will need to enter the amount in to Turbo Tax again in order for it to be counted in the calculation of the credit. 

To enter your retirement plan contribution into Turbo Tax to be included in the calculation of the credit:

  • log in to your Turbo Tax account
  • click on "take me to my return"
  • click on "federal taxes" tab at the top of the computer screen
  • click on "deductions and credits" tab
  • scroll down to "retirement and investments"
  • click on "show more"
  • click on "retirement savings contributions credit"
  • A screen will come up that says, "credit for retirement savings contributions". On this screen it will either say that you are not eligible or it will say that you might be eligible. If it says that you might be eligible, scroll down to the bottom and click "continue".
  • Turbo Tax will take you through a series of screens in order to ask questions to determine if you meet the requirements and to calculate the credit.
  • Because your retirement plan contribution was listed in box 14 instead of box 12, it will show that you did not make any contributions. It will also ask if you made any after tax contributions to your 401(k).This is where you would put the contribution amount from box 14 of your W-2.

(edited 4/16/17)

AndreaG
New Member

Is my state retirement account eligible for a tax credit?

I added an FAQ that might be more helpful in determining if you meet the requirements to claim this credit.
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