When I click Update on this button (the current value is $0) it just keeps me/returns me to the Deductions and Credits summary page. Based on the criteria, this return should be eligible for the credit. FWIW, I exited this section to correct something else then tried to come back. @TurboTaxSusan
The Retirement Savings Contributions Credit (“Saver’s credit”) is very limited and is for low income people. See the table on Form 8880: https://www.irs.gov/pub/irs-pdf/f8880.pdf
You, or your spouse, must not have taken money out of a retirement account (including drawing a pension) in the last three years. See line 2 on form 8880.
It is not a refundable credit. You must have a tax liability to take the credit against.
TurboTax (TT) will check this automatically when it sees you made a qualified contribution. If you want to verify that happened; enter in TT at:
Federal Taxes Tab
Deductions & Credits
-Scroll down to:
-Retirement and Investment
- Retirement Savings Contribution Credit
Thanks. We may or may not be eligible for the credit (and because of the way the numbers work, the value would be tiny) but TT isn't opening the dialogue or providing any message that we're not eligible. There's definitely a bug in the desktop software.