Question

TurboTax 2020 Error.

Forum|Forum|5 years ago
March 25, 2021
1 reply
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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 In addition, I cannot find the section where I can revise/correct personal information, imported over, that is no longer valid, such as my spouce's telephone contact number.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.

DoninGA

Employee

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

D

droids13Author

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?

DoninGA

Employee

@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.