Retirement Savings Contribution Credit

[DW448]

Hi,

I pay into a 401(k) at work and my adjusted gross income is approximately $34,000. When I get to the section 'Retirement Savings Contribution Credit' in turbotax and try to open page for 'UPDATE' nothing happens. I have entered my information from my W2 for the 401k amount. Is this not a valid plan for this credit?

Thanks, Donna

[BillM223]

Yes, contributions to a 401(k) plan do count for the Retirement Savings Contribution Credit.

When you clicked on UPDATE, something should have happened, even just to tell you that you were not eligible for some reason.

Try this: do a Search (top right) and enter retirement savings contributions credit and hit enter. If you are given a jump_to link, click on it. Let's see if you can sneak in the side door.

[DW448]

Hi,

I just tried that. When I click on the link it brings me to 'Your 2023 Deductions and Credits'. Again I scroll down to Retirement Savings Contribution Credit, hit the UPDATE button and it just keeps going to the top of the same page, Your 2023 Deductions and Credits. Any other ideas?

Thank you.

[BillM223]

What are you using? The Online product or the CD/download product? If the latter, is it for Windows or for a Mac?

[DoninGA]

Are you age 25 or older and under the age of 65?  What is your filing status?  What is the exact amount of your 2023 AGI as shown on the Form 1040 Line 11.

These questions are asked to determine if you are eligible for the credit.

[DW448]

Downloaded version. On Windows

[DW448]

Adj gross income $34,121, single, age 35

[DoninGA]

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@DW448 wrote:

Adj gross income $34,121, single, age 35

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You are eligible but just barely.  The maximum AGI for a single filer to receive the credit is $36,500.

You should be able to access the Retirement Savings Contribution Credit in the TurboTax program in Deductions & Credits, under Retirement and Investments.  if you cannot then it is more than likely a web browser issue.

Clear cache and cookies on your web browser.  If you have done this then change your web browser to one of these that you are not currently using, Google Chrome, Mozilla Firefox, Microsoft Edge

[DW448]

Thank you everyone. I will go back through my paperwork and the actual form and see what I'm doing wrong.