Why is my 401k credit only $200 when last year it was $1000. I’ve put more in this year.

posted

The Saver's Credit phases down to a lower percentage as your income goes higher. It sounds like that may be what happened in your case.

Take a look at the following TurboTax article for more details and to see the breakdown for the Saver's Credit percentages based on your filing status and Adjusted Gross Income.

What is the Saver's Credit?

@candacekendallka

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How does a 2021 extension payment get recorded with the 2023 turbotax software? This was not recorded in 2021 or 2022 tax years. (IRS guidance is to file a schedule 3)

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Why is my 401k credit only $200 when last year it was $1000. I’ve put more in this year.

Why is my 401k credit only $200 when last year it was $1000. I’ve put more in this year.

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Why is my 401k credit only $200 when last year it was $1000. I’ve put more in this year.

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Why is my 401k credit only $200 when last year it was $1000. I’ve put more in this year.

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