topic thank you! in Retirement tax questions

If retirement plan is checked in box 13 of my W2 does that mean I should check the box when turbotax asked me "Retirement Savings Contributions Credit"?

brooklynbeauty — Fri, 07 Jun 2019 22:39:41 GMT

that is the only box checked in box 13. I'm active military

Yes, you should at least check for the Retirement Savings...

AnthonyC — Fri, 07 Jun 2019 22:39:42 GMT

Yes, you should at least check for the Retirement Savings Credit if box 13 is checked (though you may not be eligible for the credit when you go through the questions). Box 13 will indicate if you are enrolled or offered a retirement plan by your employer. This information is used for a few different things, mostly to determine eligibility and contribution limits to retirement accounts. It is not the same as the Retirement Savings Contribution Credit but having that box checked will tell the program to look for that credit.

The Retirement Savings Contribution Credit is a credit for making eligible contributions to your IRA or employer-sponsored retirement plan (i.e 401k). It is designed to encourage those with adjust gross income levels below a certain amount to save for retirement. You can find more information about these levels and the credit itself at the link below.

If you did contribute to a retirement plan, then you should click on that credit and go through the questions to see if you qualify. If you contributed to a 401K through your employer, then that information is likely on your W2 box 12 code D and the program will pull it into that section automatically and determine if/how much credit you qualify for.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit

thank you!

brooklynbeauty — Fri, 07 Jun 2019 22:39:44 GMT

thank you!

Re: Yes, you should at least check for the Retirement Savings...

saber05 — Sat, 01 Feb 2020 15:59:34 GMT

Can I still deduct my IRA contribution (up to $6,000), when I qualify based on my salary, if box 13 retirement is checked on the W2 but I did not contribute to my employer's 401K plan?

Could box 13 retirement checked by mistake by my employer?

Am I not qualified for the deduction even if my employer offers a 401K plan without me being enrolled in it?