No. Box 13 will indicate if you are enrolled or offered a retirement plan by your employer. This information is used for a few different things, mostly to determine eligibility and contribution limits to retirement accounts. It is not the same as the Retirement Savings Contribution Credit but having that box checked will tell the program to look for the credit.
The Retirement Savings Contribution Credit is a credit for making eligible contributions to your IRA or employer-sponsored retirement plan (i.e 401k). It is designed to encourage those with adjust gross income levels below a certain amount to save for retirement. You can find more information about these levels at the link below. If you did contribute to a retirement plan, then you should click on that credit and go through the questions to see if you qualify. If you contributed to a 401K through your employer, then that information is likely on your W2 box 12 and the program will pull it into that section automatically.
No. Box 13 will indicate if you are enrolled or offered a retirement plan by your employer. This information is used for a few different things, mostly to determine eligibility and contribution limits to retirement accounts. It is not the same as the Retirement Savings Contribution Credit but having that box checked will tell the program to look for the credit.
The Retirement Savings Contribution Credit is a credit for making eligible contributions to your IRA or employer-sponsored retirement plan (i.e 401k). It is designed to encourage those with adjust gross income levels below a certain amount to save for retirement. You can find more information about these levels at the link below. If you did contribute to a retirement plan, then you should click on that credit and go through the questions to see if you qualify. If you contributed to a 401K through your employer, then that information is likely on your W2 box 12 and the program will pull it into that section automatically.
My Box 13 is checked on Form W-2 but Portland Oregon Public Schools shows my pre-tax retirement contribution in Box 14 not in Box 12. How do I get Turbo Tax online to prompt me for the retirement savings contribution credit IRS Form 8880?