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- Re: Saver's Credit
Saver's Credit
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lisaypitell
Level 1
04-02-2022
07:36 AM
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I have a client whose only income is a military retirement. He contributed to an IRA (spousal contribution as wife works) and should qualify for the Saver's Credit but the software is pulling the military retirement through to Form 8880 worksheet and as a result disqualifying him from the credit. How do I tell the software that the qualified pension is a military retirement that is not included in the calculation for the credit?
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3 Comments 3
rbynaker
Level 13
04-02-2022
08:38 AM
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I don't see anything obvious. What does the help file say for the checkbox under Box 17 of the 1099-R Wks, "Check if NOT from a qualified retirement plan or IRA (see Help)"? Maybe that will do it?
TaxGuyBill
Level 15
04-02-2022
09:01 AM
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Nice Rick, I just tested it and that does it.
You can also just change the number on the worksheet on the 8880, but it probably is better to check that box on the 1099-R worksheet.
rbynaker
Level 13
04-02-2022
09:13 AM
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Not bad for looking at a 2017 1099-R Wks, if I do say so myself. 🙂 I don't even have the software on an active computer at this point so I had to pull up a PDF (thus no access to F1 in the software to figure out what that box actually does.)
For whatever reason, PS makes the 8880 difficult. You have to jump to the Info Wks to indicate something (is it "not a student"?) and apparently you have to jump back to the 1099-R to check the "not a qualified plan" box. <shrug> Sounds like problem solved. Thanks for the feedback.
Rick
