I have already filed my Federal Tax return back in February 2021. After reviewing the file, due to a question on my State return, I noticed an error in how TurboTax reported my Federal Return. On my Spouse's W-2 she had a Retirement Plan contribution. When we filed, TurboTax did not create a Schedule 3 which subsequently did not include a value on line 20 of my Federal Tax Filing; which would have increased my refund. Is this a deduction which occurred after our filing or a TurboTax error? I noticed the error after I started a return from the beginning, not importing information from my 2019 return. I did this on a suggestion that Turbotax might adjust my State Filing. In addition, I cannot find the section where I can revise/correct personal information, imported over, that is no longer valid, such as my spouce's telephone contact number. Any suggestions? I am thinking, in 2021, to start a return from the beginning. It also brings up concerns that previous returns did not have the correct information.
Are you referring to the Retirement savings contributions credit? Does the W-2 have code of D in Line 12?
This credit would have been included if you were eligible for the credit.
Go to this IRS website for the Saver's Credit eligibility - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
I am referring to the Retirement savings contribution credit. The W-2 does have a code of D in Line 12. The code even shows up on the Form W-2 generated by TurboTax. Based on the link you provided, we are eligibile for the credit. I am not sure the reason the first time I started the return that we did not qualify (after importing the information from our 2019 return) and now we do qualify (after starting a return from the beginning, without importing). Is this a new credit?
@droids13 wrote:
I am referring to the Retirement savings contribution credit. The W-2 does have a code of D in Line 12. The code even shows up on the Form W-2 generated by TurboTax. Based on the link you provided, we are eligibile for the credit. I am not sure the reason the first time I started the return that we did not qualify (after importing the information from our 2019 return) and now we do qualify (after starting a return from the beginning, without importing). Is this a new credit?
The Credit for Qualified Retirement Savings Contributions has been available since 2002.
Thank you for the reply. Then, can you explain the reason the program did not apply the credit the first time? I reviewed everything and cannot find the error. I answered the questions the same each time. I even deleted the W-2 and reimported the information. In addition, now I need to file an amended return.
What I am finding out, is that in 2019 I took a distribution, even though we paid it back within the 60 window. Should I remove the distribution amount when I file the 2020 return or does the distribution still count?
@droids13 wrote:
What I am finding out, is that in 2019 I took a distribution, even though we paid it back within the 60 window. Should I remove the distribution amount when I file the 2020 return or does the distribution still count?
A distribution in 2019 would only be reported on a 2019 tax return and if you returned in within 60 days it would not be counted as a contribution in 2019.
My Retirement from the State of NewHamphire was not included in the filing that I filled out
@Sandra Mackey
Does your question have anything to do with the original post above? If you have a different question, it's a good idea to create a new post to avoid people who want to help you.
"My Retirement from the State of New Hampshire was not included in the filing that I filled out"
Are you referring to your pension not being on your New Hampshire state return? Pensions are not taxed in New Hampshire.
Or did you have a different question? Remember that we in the Community cannot see your private tax data, so help us help you.