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On the deduction for credit if you have contributed to a retirement plan - I thought I would multiply the amount of $2000 x .5 which would equal $1,000. Is this incorrect
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TurboTax automatically calculates the correct amount of Retirement Savings Contributions Credit based on your (presumably correct) inputs. If you made at least $2,000 of retirement contributions (after subtracting any retirement-account distributions you made after 2013) and your AGI is low enough to place you in the 50% credit range, you would receive a $1,000 credit. At higher levels of AGI the credit reduces to 20%, then 10%, and finally disappears altogether.
See IRS Pub 590-A regarding this credit:
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