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Why am I getting a Retirement Savings Contribution Credit when I didn't contribute to a retirement savings account because I don't have one?

Turbo Tax is forcing a $70 credit for Retirement Savings Contribution Credit when I dont have a retirement savings account.  It requires me to upgrade which will move me from the free edition to the Deluxe edition charging me more to file both my federal and state returns which is much more than the contribution credit.
4 Replies

Why am I getting a Retirement Savings Contribution Credit when I didn't contribute to a retirement savings account because I don't have one?

"I didn't contribute to a retirement savings account"

 

@gjparkstonejr 

 

But you did tell TurboTax you contributed to a retirement savings account.

That's the only explanation.

Preview your Form 1040 and look at Line 10.

Why am I getting a Retirement Savings Contribution Credit when I didn't contribute to a retirement savings account because I don't have one?

go back to your W-2 and make sure the entries in Box 12 are correct....did you use the incorrect code letter in any of the entries????? if there is a code "D" that means there was a contribution to a 401(k). 

 

if the code 'D' is there, it's not really 'kosher' to remove the entry in Box 12, but I see where you are coming from.  The IRS is not going to care if you don't claim the credit.   

Why am I getting a Retirement Savings Contribution Credit when I didn't contribute to a retirement savings account because I don't have one?

You can avoid getting the credit by telling TurboTax in the Retirement Savings Contributions Credit section that you were a full-time student, even if you were not. Doing so won't affect your tax return in any other way.

Why am I getting a Retirement Savings Contribution Credit when I didn't contribute to a retirement savings account because I don't have one?

@gjparkstonejr 

 

do not use TurboTax Free Edition Online.

 

visit the IRS at https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

to find truly free filing. Note that some include free state as well; that's important.

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