Retirement savings contribution credit

roger-vw · ‎February 28, 2024

I am filing a joint return with a combined income of $52,000.

We each contributed $1358 to a 401K.

Turbo tax gave one of us a $200 retirement saving credit and never gave the other one the credit.

Why didn't both of us get the $200 credit?

TT says contribution to a 401K qualifies.

KrisD15 · ‎February 28, 2024

The credit can only bring your tax liability down to zero. Once your tax liability is zero, any remaining credit is lost.

Please look at Form 8880 and Schedule 3 line 4 to see the credit amount.

Please look at your 1040 line 22 to see if your tax liability was zeroed out.

(also the credit is not available to a student)

To View using TurboTax Online:
Select Tax Tools on the left side-bar
Select Tools from that drop-down
Select “View Tax Summary” on the TOOLS CENTER screen
Select “Preview my 1040” which now appears on the left side-bar

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

KrisD15 · ‎February 28, 2024

The credit can only bring your tax liability down to zero. Once your tax liability is zero, any remaining credit is lost.

Please look at Form 8880 and Schedule 3 line 4 to see the credit amount.

Please look at your 1040 line 22 to see if your tax liability was zeroed out.

(also the credit is not available to a student)

To View using TurboTax Online:
Select Tax Tools on the left side-bar
Select Tools from that drop-down
Select “View Tax Summary” on the TOOLS CENTER screen
Select “Preview my 1040” which now appears on the left side-bar

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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