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pamfurukawa
New Member

What is schedule 3? Is my 401k considered a qualified retirement plan? What is savers credit?

 
2 Replies
MaryK1101
Expert Alumni

What is schedule 3? Is my 401k considered a qualified retirement plan? What is savers credit?

Schedule 3 is for Nonrefundable credits.

A 401k is a qualified plan.

The Savers Credit is for people who contribute to retirement plans and meet other qualifications  (See What is the 2019 Saver's Credit? - Community )

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macuser_22
Level 15

What is schedule 3? Is my 401k considered a qualified retirement plan? What is savers credit?

1) Schedule 3 is Additional tax payments and credits (see screenshot).

 

2) 401(k) plans are qualified.

 

3) Savers Credit can add to your refund if you contributed to a retirement plan and meet the income requirements.

Screen Shot 2020-03-27 at 5.18.33 PM.jpg

 

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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