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What if i don't enter my 401k cause TurboTax makes me upgrade to the deluxe edition

Forum|Forum|6 years ago
June 7, 2019
3 replies
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So apparently if you have to file your 401k, tt wants you to upgrade to the deluxe edition. Which is stupid cause now I have to pay for state tax return. So instead of the free version I now have to pay over a $100 and only getting an extra 17 dollars on my return from the 401k.

TurboTax Deluxe Online

Best answer by RachelW33

If you are eligible for the Retirement Savings Credit (Savers Credit) but DO NOT want to claim it, you can elect to do so by indicating that you are a "full-time student" (even though you are not). Indicating that you are a full-time student does not change your return in any way, except that it makes you ineligible for the Savers Credit.

To elect out of claiming the Savers Credit , even though you qualify to claim it, please follow these instructions:

Login to your TurboTax Account
Click "Take Me To My Return"
Click "Federal" from the left side of your screen
Click "Deductions & Credits" from the top of your screen
Scroll down and click on "Retirement & Investments"
Click "Start" next to "Retirement Savings Contribution"
Click "Yes" to "Did you contribute to a qualified retirement plan in 2018?"
Click "Yes" to "Were you a Full-Time Student for at least 5 months in 2018?"

Please click the link to this TurboTax FAQ for more information What is the Savers Credit?

RachelW33

Are you referring to the Retirement Savers Credit?

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B

baughmanj1Author

I am

RachelW33Answer

If you are eligible for the Retirement Savings Credit (Savers Credit) but DO NOT want to claim it, you can elect to do so by indicating that you are a "full-time student" (even though you are not). Indicating that you are a full-time student does not change your return in any way, except that it makes you ineligible for the Savers Credit.

To elect out of claiming the Savers Credit , even though you qualify to claim it, please follow these instructions:

Login to your TurboTax Account
Click "Take Me To My Return"
Click "Federal" from the left side of your screen
Click "Deductions & Credits" from the top of your screen
Scroll down and click on "Retirement & Investments"
Click "Start" next to "Retirement Savings Contribution"
Click "Yes" to "Did you contribute to a qualified retirement plan in 2018?"
Click "Yes" to "Were you a Full-Time Student for at least 5 months in 2018?"