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tvguideman
New Member

Retirement Savings Contribution Credit

 
1 Reply
Hal_Al
Level 15

Retirement Savings Contribution Credit

The Retirement Savings Contributions Credit (“Saver’s credit”) is  limited and is for low income people. See the table on  Form 8880: https://www.irs.gov/pub/irs-pdf/f8880.pdf

You, or your spouse, must  not have taken money out of a retirement account (including drawing a pension) in the last three years.

It is not a refundable credit. You must have a tax liability to take the credit against.

TurboTax (TT) will check this automatically when it sees you made a qualified contribution. If you want to verify that happened;  enter in TT at:

Federal Taxes Tab 

Deductions & Credits

-Scroll down to:

-Retirement and Investment

   - Retirement Savings Contribution Credit

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