topic Retirement Savings Contribution Credit Mistake in Deductions & credits

Retirement Savings Contribution Credit Mistake

bethanyh1 — Tue, 14 Jul 2020 04:47:51 GMT

Hello! TurboTax said I may qualify for a Retirement Saving Contribution Credit. My employer has contributed to a retirement plan for me, but I have not personally contributed to the plan. However, I made a mistake and clicked "Yes" indicating that I have contributed, and it won't let me undo my action. Does anyone know how to reset this?

Re: Retirement Savings Contribution Credit Mistake

JotikaT2 — Wed, 15 Jul 2020 15:30:32 GMT

It depends on where you made the input.

You can make the change in the federal section of the return in either of the following sections.

First you can review your input in the Income & Expenses section of the program.
Select Job (W-2)
Click Edit/Add to the right of the Job (W-2)
Review your input on the applicable job. Scroll down to Box 13. If you have marked Retirement Plan, make sure this box is checked on your W-2 as well. If it is not, you can uncheck it. But if the box on your W-2 is checked, leave it as it is reported on your W-2 form.

You can check the credit information in the following section.

Select Deductions & Credits
Scroll down to All tax breaks and select Retirement and Investments
Select Retirement Savings Contribution Credit
Proceed to answer any questions if applicable

Re: Retirement Savings Contribution Credit Mistake

bethanyh1 — Thu, 16 Jul 2020 04:04:45 GMT

Thank you so much!