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Why did TurboTax not give me the retirement savings credit? My 2017 AGI was $23,705 & I contributed $5,500 to an IRA. My earned income from self-employment was $42,341.

 
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Why did TurboTax not give me the retirement savings credit? My 2017 AGI was $23,705 & I contributed $5,500 to an IRA. My earned income from self-employment was $42,341.

The nonrefundable Saver's Credit can reduce your federal tax liability to zero but it cannot reduce your self-employment tax


For more information, please see the following articles:

 What Is The Savers Credit?

What is the Difference Between a Refundable and a Nonrefundable Credit?

View solution in original post

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Highlighted
Level 10

Why did TurboTax not give me the retirement savings credit? My 2017 AGI was $23,705 & I contributed $5,500 to an IRA. My earned income from self-employment was $42,341.

The nonrefundable Saver's Credit can reduce your federal tax liability to zero but it cannot reduce your self-employment tax


For more information, please see the following articles:

 What Is The Savers Credit?

What is the Difference Between a Refundable and a Nonrefundable Credit?

View solution in original post