Retirement saving credit

xolux8 — Thu, 06 Jun 2019 16:45:57 GMT

I need help

Did you receive a 1099R ?

MichelleT — Thu, 06 Jun 2019 16:45:59 GMT

Did you receive a 1099R ?

TurboTax will automatically generate Form 8880 if you qua...

MichelleT — Thu, 06 Jun 2019 16:46:00 GMT

TurboTax will automatically generate Form 8880 if you qualify for the Saver's Credit and file it with your tax return.

If you contribute to a retirement plan at work (401(k), 403(b), etc.) or to your own Individual Retirement Account (IRA) you may qualify for a Retirement Savings Contributions Credit (also called the Saver's Credit). To qualify for the Saver's Credit, you must be a nondependent age 18 or older and not a full-time student. Also, your income must be under a certain threshold based on your filing status (click the screenshot below for details). TurboTax will automatically see if you qualify for the Saver's Credit during the tax interview.

Note: If you contributed to a retirement plan at work, the information will be reported in Box 12 of your W-2. If you contributed to an IRA, you'll need to enter this information in the IRA section of TurboTax.

To go directly to the Saver's Credit section in TurboTax Online:

Open (continue) your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
Click My Account (top right of your screen).
Select Tools.
In the pop-up window, select Topic Search.
In the search bar, type 8880.
In the results box, highlight 8880, credit for qualified retirements savings contributions, then click GO.
Follow the onscreen instructions. At the end of this section, TurboTax will indicate if your qualify for a Saver's Credit and if so, for how much.

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topic Retirement saving credit in Retirement tax questions

Retirement saving credit

Did you receive a 1099R ?

TurboTax will automatically generate Form 8880 if you qua...