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Level 2

Question

savers credit for roth not correct?

Forum|Forum|1 year ago
February 6, 2025
5 replies
23 views

Adjustable gross income of $18,832

Taxable income $4,230

Total Tax (line 24) of $398

Roth contribution $6,500

Turbo tax says no savers credit because no tax owed. Why not a credit of $398?

Level 15

This credit can only be used to reduce income tax, and not below zero. It cannot be used to reduced Other taxes such as self-employment tax or penalties for early distributions from retirement accounts.

Level 2

The tax of $398 is directly from the tax table for single filers with income between $3,950 and $4,000. I forgot to mention she had ordinary dividends of $270.

Level 15

Examine line 18 of Form 1040. If that line is already zero, this tax credit is not permitted.