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Why does Turbotax show my 2018 Retirement Savings Credit as $241? I'm single with a 2018 AGI of $14470 but contributed $5500 to a Roth. Shouldn't the credit be $1000?

 
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dmertz
Level 15

Why does Turbotax show my 2018 Retirement Savings Credit as $241? I'm single with a 2018 AGI of $14470 but contributed $5500 to a Roth. Shouldn't the credit be $1000?

Addressed in the comments.

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3 Replies
dmertz
Level 15

Why does Turbotax show my 2018 Retirement Savings Credit as $241? I'm single with a 2018 AGI of $14470 but contributed $5500 to a Roth. Shouldn't the credit be $1000?

As a nonrefundable credit, this credit is limited to the amount of the income tax liability you would otherwise have.  It cannot be used to reduce your income tax liability below zero.  It cannot be used to reduce Other taxes on Form 1040 line 14.

Do you see $0 on Form 1040 line 13?  If so, you are getting the maximum permissible credit.

Why does Turbotax show my 2018 Retirement Savings Credit as $241? I'm single with a 2018 AGI of $14470 but contributed $5500 to a Roth. Shouldn't the credit be $1000?

Thanks so much for the fast response and clear explanation
dmertz
Level 15

Why does Turbotax show my 2018 Retirement Savings Credit as $241? I'm single with a 2018 AGI of $14470 but contributed $5500 to a Roth. Shouldn't the credit be $1000?

Addressed in the comments.

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