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Why am i only getting $200 retirement savings credit , Married filing jointly should be 10% up to $4,000. i had 3,000
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The Retirement Savings Credit depends on your Adjusted Gross Income and the amounts you contribute to qualified savings accounts. If you are filing jointly, only the first $2,000 contributed by each spouse counts towards the credit. In your case, if your rate of credit is 10% and the $3,000 was contributed by only one of the spouses then the credit will be $200 (10% of $2,000). If the $3,000 were contributed by each of the spouses (say $2,000 for one and $1,000 for the other) then the tax credit would be $300 (10% of $3,000)
Please see this Turbotax article more more information:
https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-The-Savers-Credit-/INF15617.html
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