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03-15-2014 12:48 PM - edited 03-15-2014 12:49 PM
Good morning JF_, and welcome to The Community.
I would recommend you look at your final 2013 paystub and use the year to date amount of contributions as the total for your elective deferrals. This amount can be included directly on Form 8880 instead of carrying over from your W-2.
A couple things to keep in mind...
1. The credit phases out fairly quick. You cannot take the credit if the amount on Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37, is more than $29,500 ($44,250 if head of household; $59,000 if married filing jointly).
2. You cannot take the credit if you were born after January 1, 1996 or were a full time student during 2013.
Hope this helps!
03-15-2014 01:24 PM
It would work to carry directly to form 8880 if I were using paper forms and not using H&R Block Software. I had hoped to use the sofware and file electronically. I do have 5 free e-files. The sofware will not allow me to enter the amount directly into the form. I tried to put the amount into the W-2 data amount only and leave box 12 with the No Entry designaion but the accuracy review will not allow me to proceed this way. Does anyone know of a way to make this work using the H & R Block software?
Thank you in advance....
03-15-2014 02:54 PM
Since the computer checks to see if there is something in box 12, telling it 'no' will mean the elective deferrals information does not carry over to box 12.
There are two options to solve this:
1. Get a corrected W2 from your employer showing the elective deferrals. This is the best option.
2. Prepare a substitute W2 and manually enter the information. I use tax office software, so I'm not certain if a substitute W2 will work in this year's consumer version of our tax preparation software. You would still have to be able to document this if the IRS or any other tax authority made an inquiry. However, payroll departments sometimes forget to post the elective deferrals information you have on your paychecks onto a W2.
I hope this helps in resolving the elective deferral reporting issue.
03-15-2014 03:39 PM
Verify that they are indeed "elective" deferrals. Many State retirement programs are mandatory, and thus not eligible for the Savers Credit. Otherwise a corrected W2 is the best answer.