ROTH IRA credit

[robertgscharf]

I received a $200 credit for my Roth IRA contribution last year. My adjusted gross income is almost the same this year, within the same range on form 8880. I made the same contribution this year but TurboTax is not giving me the credit.  Form 8880 seems the same but TurboTax is taking the information and putting it on the form. Was there a change I'm not seeing.

[DanaB27]

Please be aware that the Retirement Savings Contribution Credit is a nonrefundable credit, which means it can only reduce the tax to $0. Therefore, if you have a lower tax for some reason then you might get a lower credit.

Please make sure you answer all questions about the Retirement Savings Contribution Credit:

1. Open your return
2. Click "Deductions & Credits" at the top
3. Scroll down to "Retirement Savings Contribution Credit" and click "Start"

Please see What is the 2020 Saver's Credit? for additional information.

[robertgscharf]

I'm still paying $1,711 in taxes on line 24 on the form 1040.  So, it's not the case that it's nonrefundable is the reason I'm not getting the credit. Is there any other reason?

[DanaB27]

Please verify that you not accidently indicated that you were a full time student during the interview since this disqualifies you from the Retirement Savings Credit. 

1. Open your return
2. Click "Deductions & Credits" at the top
3. Scroll down to "Retirement Savings Contribution Credit" and click "Edit"

In 2020 your adjusted gross income (AGI) also can’t be more than:

• $65,000 if married filing jointly
• $48,750 if head of household (with qualifying person)
• $32,500 if single, married filing separately, or qualifying widow(er) with dependent child

Please be aware, that we cannot see the details of your return. You might want to get more detailed help: What is the TurboTax phone number?