I have 1099-NEC income only and belong to the low-income category. I am not a student and I contributed to my ROTH IRA account for 2023. However, the TurboxTax doesn't seem to recognize the contribution as a qualified contribution and didn't gave me the Retirement Contribution Credit? Is my understanding wrong or is it a bug?
I am using the Windows Desktop version of the TurboTax 2023 Deluxe.
Thanks.
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You qualify for the credit if you’re:
In 2023 your adjusted gross income (AGI) also can’t be more than:
The Savers Credit is a 'non-refundable' tax credit. That means this credit can reduce the tax you owe to zero, but it can't provide you with a tax refund.
Form 8880 is used to figure the amount, if any, of your retirement savings contributions credit (also known as the saver’s credit). The maximum amount of the credit is $1,000 ($2,000 if married filing jointly)
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