How do I add my retirement information and see if I get any tax credits for filling head of household and can it help put me in a lower tax bracket ?

Enter retirement income here:

 

 Go to Federal> Wages & Income>>Retirement Plans and Social Security  (SSA1099 and 1099RRB) to enter your SSA1099.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

 

And....what credits are you hoping to get as Head of Household?   Do you have a qualified dependent?   You need a qualified dependent to file as HOH.   

 

if you are at least 18 on 12/31/2024; are not claimed as a dependent on someone else's return and are not a full-time student, then you may be eligible for the retirement savings credit form 8880

the nonrefundable credit is computed as the lesser of your retirement plan contributions or $2,000 times the credit rate which is

50% if adjusted gross income (AGI) is less 34501

20% if AGI 34501-37500

10% if AGI 37501-57375

nonrefundable means it can reduce your tax liability to zero any excess is lost.  There may be other rules that could limit the credit - see the form. The form is completed automatically one plan contributions are entered. 

 

being head of house might qualify you for other credits such as the child and dependent care credit, additional child and child credits, earned income credit, 

 

there are different rules for these various credits. 

 

 

If you received income from a retirement account, you should receive Form 1099R in order to report the total received and the taxable portion. 

 

Here's how to enter the information on your Forms 1099-R:

In TurboTax Online, under Wages and Income:

 

1. Go to  IRA, 401(k), Pension Plan Withdrawals (1099-R)
2. Answer Yes on the screen, Did you get a 1099-R?
3. If you land on the screen, Review your 1099-R info instead, select Add Another 1099-R
4. Answer any questions until you get to the screen, Let's import your tax info. Here you can choose how you want to enter your 1099-R
5. If your financial institution is a TurboTax 1099 partner, you can import your form.
6. Select your institution from the list and enter your sign-in credentials, then select Get my form to start the import process
7. If you prefer to upload your 1099-R or type in the info yourself, select Change how I enter my form. On the next screen, select your preferred entry method
8. Continue answering the questions to enter or review the info from your 1099-R

See this help article for more information.

 

Regarding Head of Household: In the Personal Info section of TurboTax, answer all of the questions regarding your living arrangement, marital status, and any dependents in order for TurboTax to determine whether you are entitled to any Child Tax Credit, Other Dependent Tax Credit, or Head of Household Filing Status (which affects how your taxes are calculated).

 

Head of Household filing status typically allows parents or adults with qualifying dependents who provide over half the cost of keeping up a home for a qualifying person to claim a higher standard deduction and be taxed at lower tax rates than single taxpayers or those who are married filing separately.

 

See this TurboTax tax tips article for more information regarding head of household status.

 

@melindasmith1214