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emsdad1964
New Member

Last year I received the retirement savings contribution credit and this year I didn't. Not much has changed and I still qualify for the credit. Why won't TurboTax let me take it?

I qualify for each of the 4 guidelines.
3 Replies
DawnC
Expert Alumni

Last year I received the retirement savings contribution credit and this year I didn't. Not much has changed and I still qualify for the credit. Why won't TurboTax let me take it?

Go back to that section in TurboTax and review your answers.  At the end of the interview, you will get an explanation of why you did or did not get the credit.  To get back there, type saver's credit (exactly like that), hit enter, then use the Jump to saver's credit link.  

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emsdad1964
New Member

Last year I received the retirement savings contribution credit and this year I didn't. Not much has changed and I still qualify for the credit. Why won't TurboTax let me take it?

It does not give me a reason at the end of the questions. It only tells me I didn't qualify. The only thing it asks is what do I need to qualify for this credit. If I click it it takes me to the qualifications required for getting this credit and tells me what I already know; I qualify for this credit.

JotikaT2
Expert Alumni

Last year I received the retirement savings contribution credit and this year I didn't. Not much has changed and I still qualify for the credit. Why won't TurboTax let me take it?

Have you checked your tax liability?  

 

It could be that your tax liability is already at zero or close to it, and therefore, as the Retirement Savings Contribution Credit is nonrefundable, you cannot get a refund for the remaining credit.

 

You can check your total tax selecting the black panel on the left of the program.

 

Left panel

 

  1. Select "Tax Tools"
  2. Select "Tools"
  3. Select "View Tax Summary" in the box

 

On the next screen, you will be able to see a tax summary of your return.  If the "Total Tax" shows zero, this could be a reason why you are not getting the retirement credit.

 

To get to the input screens again, click "Back" in the left black panel.

 

Please ensure you have entered all information from your W-2 (Wage) forms to ensure you have entered all of your retirement plan contributions as well.

 

Please see the attached for additional information on the requirements to claim and receive the credit. 

 

Retirement credit form

 

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