Skip to main content
March 29, 2020
Solved

I contributed the max ($6,000) to my Roth IRA in 2019 so I expected to see a deduction in line 4 of schedule 3 but it is empty. How do I fix that?

  • March 29, 2020
  • 1 reply
  • 0 views
No text available
Best answer by dmertz

You mean a Retirement Savings Contribution Credit, a tax credit, not a deduction.

 

Make sure that you have completed the Retirement Savings Contributions Credit section of TurboTax under Deductions & Credits to establish your eligibility for this credit.  Note that this is a nonrefundable credit, so it can only be used to reduce income tax liability to zero, not below zero.  It cannot be used to reduce other taxes.

1 reply

dmertzAnswer
Employee
March 29, 2020

You mean a Retirement Savings Contribution Credit, a tax credit, not a deduction.

 

Make sure that you have completed the Retirement Savings Contributions Credit section of TurboTax under Deductions & Credits to establish your eligibility for this credit.  Note that this is a nonrefundable credit, so it can only be used to reduce income tax liability to zero, not below zero.  It cannot be used to reduce other taxes.