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What am I supposed to enter for a retirement contribution? I do not know what I am supposed to enter.

 
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LisaBr
New Member

What am I supposed to enter for a retirement contribution? I do not know what I am supposed to enter.

If you made a retirement contribution (deposits) through your job or on your own, you can claim the Retirement Savings Credit.

Any contributions made through your employer will show up on W-2, Box 12.  These will automatically carryover the Retirement Contributions on Deductions and Credits.  You will enter any additional contributions you made to a retirement account.

The Retirement Savings Contribution Credit is available to you for contributions made to various types of retirement accounts.  These include IRA's, ROTH's and 401(k) contributions as well as other retirement vehicles.

Your credit can be 50%, 20% or 10% of your retirement contributions depending on your Adjusted Gross Income.

I've inserted an IRS link that may be helpful I understanding this credit:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...

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1 Reply
LisaBr
New Member

What am I supposed to enter for a retirement contribution? I do not know what I am supposed to enter.

If you made a retirement contribution (deposits) through your job or on your own, you can claim the Retirement Savings Credit.

Any contributions made through your employer will show up on W-2, Box 12.  These will automatically carryover the Retirement Contributions on Deductions and Credits.  You will enter any additional contributions you made to a retirement account.

The Retirement Savings Contribution Credit is available to you for contributions made to various types of retirement accounts.  These include IRA's, ROTH's and 401(k) contributions as well as other retirement vehicles.

Your credit can be 50%, 20% or 10% of your retirement contributions depending on your Adjusted Gross Income.

I've inserted an IRS link that may be helpful I understanding this credit:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...

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