When you enter your W-2, TurboTax will calculate the credit.
You're eligible for the credit if you're:
- Age 18 or older.
- Not a full-time student.
- You are not claimed as a dependent on another person’s return.
You can revisit the retirement savings credit section to review your entries.
- Log in to your account.
- Go to Federal Taxes.
- Go to Deductions and Credits.
- Scroll down to Retirement and Investments and click show more.
- Select Retirement Savings Contribution Credit
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The Retirement savers credit is a low income credit and is non refundable. Frequently a taxpayer is eligible, but because he has no tax liability, he will not actually receive a credit.
Look at form 8880. Line 10 is your calculated credit. But, line 11 will show the actual amount you get based on your calculated tax liability. There is also a worksheet showing the calculation for line 11.