Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
sheilaerdman
New Member

Wondering if I qualify for the retirement savings contribution if I contributed $2995 to my 401K, I am 54 years of age and still working, and my husband is 65 years of age and he withdrew from his 401K $3000 with $300 paid into federal, he did not rollove

 
1 Best answer

Accepted Solutions
dmertz
Level 15

Wondering if I qualify for the retirement savings contribution if I contributed $2995 to my 401K, I am 54 years of age and still working, and my husband is 65 years of age and he withdrew from his 401K $3000 with $300 paid into federal, he did not rollove

If you are asking about the Retirement Savings Contributions Credit, your husband's distribution of $3,000 that was not rolled over reduces the amount of both his and your retirement contributions considered for the credit by $3,000.  Since you only contributed $2,995, you are not eligible for the credit.

To receive any credit, you would have to contribute more than a total of $3,000.  For example, with his $3,000 distribution, if you contributed $4,000 to a retirement plan, your credit would be based on $1,000 of new retirement savings.  (You would also have to meet the other requirements.)

View solution in original post

2 Replies
dmertz
Level 15

Wondering if I qualify for the retirement savings contribution if I contributed $2995 to my 401K, I am 54 years of age and still working, and my husband is 65 years of age and he withdrew from his 401K $3000 with $300 paid into federal, he did not rollove

If you are asking about the Retirement Savings Contributions Credit, your husband's distribution of $3,000 that was not rolled over reduces the amount of both his and your retirement contributions considered for the credit by $3,000.  Since you only contributed $2,995, you are not eligible for the credit.

To receive any credit, you would have to contribute more than a total of $3,000.  For example, with his $3,000 distribution, if you contributed $4,000 to a retirement plan, your credit would be based on $1,000 of new retirement savings.  (You would also have to meet the other requirements.)

View solution in original post

Fern
New Member

Wondering if I qualify for the retirement savings contribution if I contributed $2995 to my 401K, I am 54 years of age and still working, and my husband is 65 years of age and he withdrew from his 401K $3000 with $300 paid into federal, he did not rollove

To see what an IRA contribution may do for your tax situation, enter a contribution in Turbo Tax. Before you enter the information note what your refund or amount due is. Then, compare the amount to what the program calculates after you enter a contribution to an IRA.

If you are not happy with the results, you can delete the contribution.

Contributions to an IRA are handled in Deductions and Credits:
• Select Federal Taxes
• Select Deductions and Credits
• Select Show More at Retirement and Investment
• Select Start at Traditional and Roth IRA contributions

To delete the contribution:
• Select Federal Taxes
• Select Deductions and Credits
• Select Show More at Retirement and Investment
• Select Revisit at Traditional and Roth IRA contributions
• Deselect the Traditional IRA contribution
• Select Yes to Remove the IRA Contribution

You can open and make contributions to a traditional IRA if you (or, if you file a joint return, your spouse) received taxable compensation during the year, and you were not age 70½ by the end of the year.

The maximum contribution to a Traditional IRA is $5,500 ($6,500 if over age 50).  If filing a married filing jointly tax return these amounts are per person.  

If you are covered by a retirement plan through work, your deduction may be limited (see Chart below).
Dynamic AdsDynamic Ads
Privacy Settings
v