Check box 12 on your W-2.
One of the reasons is the Retirement savings contributions credit (Saver’s Credit).
Depending on your adjusted gross income reported on your Form 1040 series return, the amount of the credit is 50%, 20% or 10% of:
- contributions you make to a traditional or Roth IRA,
- elective salary deferral contributions to a 401(k), 403(b), governmental 457(b), SARSEP, or SIMPLE plan,
- voluntary after-tax employee contributions made to a qualified retirement plan (including the federal Thrift Savings Plan) or 403(b) plan,
- contributions to a 501(c)(18)(D) plan, or
- contributions made to an ABLE account for which you are the designated beneficiary (beginning in 2018).
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.
To remove the credit :
- Login to your account.
- Select Federal .
- Go to Deductions and Credits
- Scroll down to Retirement savings contribution credit in the Retirement and Investments section
- Continue to the screen Retirement savings contribution credit and answer Yes to the question "Were you a full time student during any five month in 2024?"
You won't qualify for the credit if you check that you were a full time student.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
