2021 Saver Credit

LoriWing — Sun, 30 Jan 2022 14:27:59 GMT

I contributed to my pension, SC Police Officer Retirement Class 3, and I meet all the criteria for the 2021 Saver Credit but Turbo Tax isn't giving me the credit. Is it because my W-2 isn't correctly showing my contributions?

Re: 2021 Saver Credit

JohnW152 — Sun, 30 Jan 2022 16:15:12 GMT

That's possible, but the most likely reason is that, while you're eligible for the credit, you probably don't need it.

The Saver's Credit is a "non-refundable" tax credit, which means that all it does is reduce your tax -- it can’t reduce the amount of tax you owe on your return to less than zero, so it won't necessarily make a difference in your refund.

It's calculated on a specific percentage of the contributions you've made during the year, with the percentage based on your adjusted gross income.

Please see the TurboTax article What is the 2021 Saver's Credit? for more information.

topic 2021 Saver Credit in Retirement tax questions

2021 Saver Credit

Re: 2021 Saver Credit