Solved
In ABLE acct saved $4130, spent $2863 net saved $1267. What goes into appl?
Yes, you can enter the amounts saved and spent into the Retirement Savings Contribution Credit section and TurboTax will figure out the amount of credit allowed.
This is how to do that in TurboTax Online:
- Open your return and select Federal, then Deductions & Credits in the menu on the left side.
- Scroll down to Retirement Savings Contribution Credit in the list, click Start or Edit to the right.
- Select Continue.
- Answer the question about being a student and select Continue. Note that full-time students aren't eligible for this credit.
- On the screen, Let us know if you made any additional contributions to qualified retirement accounts, enter the full amount of ABLE account contributions in the second box.
- Select Continue.
- On the screen, Did you receive any distributions from a retirement plan after 2020? answer Yes and select Continue.
- On the screen, Tell us about your distributions from retirement plans, enter the full amount of distributions (amount spent) in the bottom box.
- Select Continue.
The next screen will show your results, including the amount of the credit and an explanation.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.