This is the first time my wife and I as married jointly filing tax payers are eligible for this credit. We made around 75k in 2024. Now, I contributed 1700 into a Roth 401k, my wife contributed 1500 into a traditional 401k. Why are we getting 400 back? Wouldnt we get 320 back instead since that is 10 percent of the amount we contributed? Turbotax is automatically allocating 400.00
Looks like you are getting 20% of the 2,000 limit.
What is the Savers Credit article
What Is the Savers Credit? - TurboTax Tax Tips & Videos
It says….
Depending on your adjusted gross income and tax filing status, you can claim the credit for 50%, 20% or 10% of the first $2,000 you contribute during the year to a retirement account. Therefore, the maximum credit amounts that can be claimed are $1,000, $400 or $200.
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