topic Filing Single and my income is just below the $33,000 requirement to qualify for the retirement savings contribution credit. but, I can't enter in any of my 401k info in Retirement tax questions

Filing Single and my income is just below the $33,000 requirement to qualify for the retirement savings contribution credit. but, I can't enter in any of my 401k info

maxRide98 — Mon, 10 Feb 2020 03:39:36 GMT

Re: Filing Single and my income is just below the $33,000 requirement to qualify for the retireme...

ThomasM125 — Mon, 10 Feb 2020 04:05:46 GMT

Your 401-K contribution is listed on your W-2 form so if you are concerned about the money you contributed to your 401-K, you simply need to enter your W-2 form in TurboTax.

If you mean you took pension distributions from your 401-K plan, that would be reported on your form 1099-R that you receive from the pension plan company. You would enter that in TurboTax as follows:

1. Go to the "Federal" section of TurboTax and click on "Income and Expenses"

2. Find "Retirement Plans and Social Security" and click on "IRA, 401(k), Pension Plans (1099-R)" and click on "Start"

3. Follow the instructions to enter your form 1099-R information

Re: Filing Single and my income is just below the $33,000 requirement to qualify for the retireme...

maxRide98 — Mon, 10 Feb 2020 04:41:19 GMT

No, I haven't taken any deductions from the retirement fund. But, 2018 was the 1st year I filed that I had contributed to my 401k and it gave me an additional $200 tax deduction. Now in 2019 I have contributed a lot more to my 401k and when filing it says I don't qualify for the tax deduction - just trying to figure out why.

According to the more info tab on TurboTax, if I'm filing single then as long as I have a total income and wages of less than $33,000 I qualify. I made about $31,000.

Re: Filing Single and my income is just below the $33,000 requirement to qualify for the retireme...

ColeenD3 — Mon, 10 Feb 2020 15:33:27 GMT

At $31,000 you are potentially eligible for a 10% credit. Did you enter your contribution correctly from your W-2? Are you a student?

You're eligible for the credit if you're:

Age 18 or older;
Not a full-time student; and
Not claimed as a dependent on another person’s return.

Re: Filing Single and my income is just below the $33,000 requirement to qualify for the retireme...

maxRide98 — Tue, 11 Feb 2020 03:27:01 GMT

Yes, I had my W-2 info transferred and I made sure it was right, I am a student receiving Pell Grant. I am 21, I am a half-time student, I am estranged from my parents so no one else can claim me as a dependent.

Re: Filing Single and my income is just below the $33,000 requirement to qualify for the retireme...

MayaD — Tue, 11 Feb 2020 16:24:39 GMT

The Saver's credit is 0% of your contribution if you are single and your Adjusted Gross Income is more than $32000.

The grant you received that is not used for qualified education credit might be a taxable income.

Re: Filing Single and my income is just below the $33,000 requirement to qualify for the retireme...

maxRide98 — Sun, 16 Feb 2020 22:33:39 GMT

Ohhhhh, okay I did see something flash by that said my Grant would be considered part of my income for the year so that puts me over $32,000.

Thank you!