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 contribution. https://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)
