I cant tell if my elective deferrals to 401k count to be used for the savers credit. It asks if I contributed to a retirement plan in 2017, which yes we did but..?

lablueeyes08 — Thu, 06 Jun 2019 16:20:27 GMT

Yes, but within limits. Most of the time taxpayers don't...

Coleen3 — Thu, 06 Jun 2019 16:20:29 GMT

Yes, but within limits.

Most of the time taxpayers don't qualify for the Saver's Credit it is because of income limitations (read: They make too much money).

In 2017, the maximum adjusted gross income for Saver's Credit eligibility is $62,000 for a married couple filing jointly, $46,500 for a head of household, and $31,000 for all other taxpayers. The maximum credit you can claim phases out as your income increases.

To claim a Saver's Credit, you must be age 18 or older and you cannot be a full-time student or be claimed as a dependent on someone else's tax return. Your retirement contribution must have been made during the tax year for which you are filing your return. And you must meet the income requirements.

Depending on your adjusted gross income and tax filing status, you can claim the credit for 50%, 20% or 10% of the first $2,000 you contribute during the year to a retirement account. Therefore, the maximum credit amounts that can be claimed are $1,000, $400 or $200.

The biggest credit amount a married couple filing jointly can claim together is $2,000. But if you and/or your spouse took a taxable distribution from your retirement account during the two years prior to the due date for filing your return (including extensions), that distribution reduces the size of the Savers Credit available to you.

The Saver's Credit is a 'non-refundable' credit. That means this credit can reduce the tax you owe to zero, but it can't provide you with a tax refund.

TurboTax will fill in all the right forms for you.

topic I cant tell if my elective deferrals to 401k count to be used for the savers credit. It asks if I contributed to a retirement plan in 2017, which yes we did but..? in Retirement tax questions

I cant tell if my elective deferrals to 401k count to be used for the savers credit. It asks if I contributed to a retirement plan in 2017, which yes we did but..?

Yes, but within limits. Most of the time taxpayers don't...