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Can I claim the Retirement Savings Contribution Credit?

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Question
Can I claim the Retirement Savings Contribution Credit?

Answer

You may be able to take this credit if you, or your spouse if filing jointly, made (a) contributions (other than rollover contributions) to a traditional or Roth IRA, (b) elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan, (c) voluntary employee contributions to a qualified retirement plan as defined in section 4974(c) (including the federal Thrift Savings Plan), or (d) contributions to a 501(c)(18)(D) plan.

However, you cannot take the credit if either of the following applies:

• The amount on Form 1040 or 1040-SR, line 8b; or Form 1040-NR, line 35, is more than $32,000 ($48,000 if head of household; $64,000 if married filing jointly).

• The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 2002; (b) is claimed as a dependent on someone else’s 2019 tax return; or (c) was a student.

 

You were a student if during any part of 5 calendar months of the tax year you:

•Were enrolled as a full-time student at a school, or

•Took a full-time, on-farm training course given by a school or a state, county, or local government agency.

A school includes technical, trade, and mechanical schools. It does not include on-the-job training courses, correspondence schools, or schools offering courses only through the Internet.

 


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Article Details
Views: 1460 Created on: Jun 15, 2013
Date updated: Dec 05, 2019
Posted in: Credits

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