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

pamfurukawa · ‎March 27, 2020

MaryK4 · ‎March 27, 2020

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 · ‎March 27, 2020

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.

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