topic Retirement Contribution in Deductions & credits

Retirement Contribution

cfrederick7207 — Tue, 23 Mar 2021 19:01:58 GMT

I have never paid into any kind of retirement program as I am young. I filed with turbo tax and it states after all is complete that I must upgrade to turbo tax deluxe because of a retirement savings contribution credit. There is no retirement information in the w-2 I filed. What do I do?

Re: Retirement Contribution

RayW7 — Tue, 23 Mar 2021 19:25:54 GMT

TurboTax will only give you this credit if you entered retirement contributions somewhere. Check again to make sure you did not enter a retirement contribution.

If no retirement contribution was actually made, this could be the result of either a mistaken entry of an amount in box 12 of your W-2, a mistaken entry of a IRA contribution or a mistaken entry of a self-employed retirement contribution.

-for additional information on the savers credit follow this link-

What Is the Savers Credit? - TurboTax Tax Tips & Videos

Re: Retirement Contribution

Carl — Tue, 23 Mar 2021 19:33:07 GMT

Check your W-2 entry in the program and compare it with what's on the W-2 you got from your employer. If you have an amount in box 12 with a letter code of D, E, F, G, H, or S then you have contributions to a retirement plan.

If the above doesn't explain it, then under the Deductions and Credits tab scroll down to the Retirement and Investments section and see if you have an amount shown for the sub-section "Traditional and ROTH IRA contributions".