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Trollhunt87
March 4, 2025
Question

Retirement Savings Contribution Credit

  • March 4, 2025
  • 1 reply
  • 0 views
  • Why is turbo tax using my net income for the retirement savings contribution  credit and not using my AGI. It says it will be calculated off of the AGI but it is showing my earnings before the deduction. This is an app issue not a tax issue as I know I qualify.

    1 reply

    KrisD15
    KrisD15
    March 4, 2025

    It's showing your total income and also the amount of the credit. 

    The credit is calculated on your Adjusted Gross Income.

     

    It's just the way the programmers decided to show it. I assume if they only showed AGI, many people would be confused and think the program was not counting all their income. 

     

    If you look at your 1040 line 11 for your AGI, I'm sure you'll see that the credit was calculated using that amount. 

     

    HERE is how the Savor's Credit is computed 

    HERE is a link with more information from TurboTax 

    HERE is a link for how to look at your 1040 Online (Desktop users simply switch to Forms on the top right corner of the Home Screen)

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    T
    Trollhunt87Author
    March 4, 2025

    No it says my income exceeds the maximum limit and shows the net income. My AGI qualifies me for the credit and is under the 76500 (married filing jointly) limit. It isn't pulling from the AGI line which is the issue. Because of that I'm automatically disqualified per the software due to it populating from the wrong field.

      D
      dmertz
      Employee
      March 4, 2025

      AGI for the purpose of this credit is AGI plus any exclusion or deduction claimed for:

      • Foreign earned income,
      • Foreign housing costs,
      • Income for bona fide residents of American Samoa, and
      • Income from Puerto Rico.
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