Solved: Why am i only getting $200 retirement savings credit , Married filing jointly should be 10% up to $4,000. i had 3,000
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davidtdavidson
New Member

Why am i only getting $200 retirement savings credit , Married filing jointly should be 10% up to $4,000. i had 3,000

 
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MinhT
Expert Alumni

Why am i only getting $200 retirement savings credit , Married filing jointly should be 10% up to $4,000. i had 3,000

The Retirement Savings Credit depends on your Adjusted Gross Income and the amounts you contribute to qualified savings accounts. If you are filing jointly, only the first $2,000 contributed by each spouse counts towards the credit. In your case, if your rate of credit is 10% and the $3,000 was contributed by only one of the spouses then the credit will be $200 (10% of $2,000). If the $3,000 were contributed by each of the spouses (say $2,000 for one and $1,000 for the other) then the tax credit would be $300 (10% of $3,000)

Please see this Turbotax article more more information:

https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-The-Savers-Credit-/INF15617.html



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MinhT
Expert Alumni

Why am i only getting $200 retirement savings credit , Married filing jointly should be 10% up to $4,000. i had 3,000

The Retirement Savings Credit depends on your Adjusted Gross Income and the amounts you contribute to qualified savings accounts. If you are filing jointly, only the first $2,000 contributed by each spouse counts towards the credit. In your case, if your rate of credit is 10% and the $3,000 was contributed by only one of the spouses then the credit will be $200 (10% of $2,000). If the $3,000 were contributed by each of the spouses (say $2,000 for one and $1,000 for the other) then the tax credit would be $300 (10% of $3,000)

Please see this Turbotax article more more information:

https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-The-Savers-Credit-/INF15617.html



**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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