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judybird2

Am I Eligible For Irs Saver's Credit?

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Hi, I am desperate for an answer here. I work for a state nursing home, and am a state employee in New Mexico. I am on the public 457-B retirement plan. My question is , does this qualify me for the IRS saver's credit on my tax return? I am trying to efile my taxes on H & R Block, and it leads me to believe I may be eligible, but I don't know if this qualifies. I did online help with an H & R block person last night, who could not give me an answer as to why when I go to the W-2 section of their efile program, I enter the box 12 info code which is G, and the amount is .oo. The program insists there must be an amount, cannot be zero, and won't let me continue. This H & R help person could not answer my question. I have an amount in box 14 of over $1500 and an amount also for POP of over $1800. I cannot get any answers on this. Does anyone know if I qualify for this credit or not? Please answer quickly so I can finish my efile. H & R is no help.

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Contributions to a governmental 457 plan will qualify for the Saver's Tax Credit for those taxpayers who otherwise qualify.

 

I'm confused by the information you described regarding box 12 of your W-2. Code G is used to designate contributions to a 457 plan made either by the employer or by employee salary reduction contributions. However, you mentioned that the amount is zero. Did you make salary reduction contributions to the 457 plan during 2005? If so, then the amount shown in box 12 should be the amount you contributed. If it's zero, then it would seem that the W-2 is in error.

 

While I'm not familiar with the particular efile program you mentioned, I could understand it's confusion if you tell it you contributed (using code G), then tell it the amount you contributed is zero. It would seem that you would either have to remove the code (as an indicator that you made no contributions) or enter the amount you actually contributed.

 

If the form W-2 is indeed erroneous, you'll need to contact your employer and have them issue a corrected W-2.

 

Hope this helps. Good luck!!

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