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January 24, 2024
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I changed my roth iras contribution but my retirement savings credit still reflects the old amount. Any way to get this to change?

  • January 24, 2024
  • 2 replies
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Best answer by dmertz

The credit is calculated only on the individual's first $2,000 of applicable retirement contributions.  Contributing beyond that won't increase the credit.  The credit cannot be used to reduce your income tax below zero.  The credit cannot be applied to other taxes such as self-employment tax.

2 replies

AmyC
Employee
January 25, 2024

The credit is based on your income and contributions to all retirement savings, including work. See Retirement Savings Contributions Savers Credit. Once you determine if your credit is correct based on everything you saved,  there could be  a problem with one of the forms not being available for filing yet. Please check forms availability here. Select online, Windows, or Macintosh from the drop down menu. Whenever the federal and states change a form, we have to as well. This happens throughout tax season.

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dmertzAnswer
Employee
January 25, 2024

The credit is calculated only on the individual's first $2,000 of applicable retirement contributions.  Contributing beyond that won't increase the credit.  The credit cannot be used to reduce your income tax below zero.  The credit cannot be applied to other taxes such as self-employment tax.