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Who is eligible to claim the Retirement Savings Contribution Credit?

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Question
Who is eligible to claim the Retirement Savings Contribution Credit?

Answer

You may be able to take this credit if you, or your spouse if filing jointly, made:

  1. Contributions, other than rollover contributions, to a traditional or Roth IRA.
  2. Elective deferrals to a 401(k), 403(b) (including designated Roth contributions), governmental 457, SEP, or SIMPLE plan.
  3. Voluntary employee contributions to a qualified retirement plan (including the Federal Thrift Savings Plan).
  4.  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, line 7 or Form 1040NR, line 36 is more than $31,500 ($47,250 if head of household; $63,000 if married filing jointly).

• The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 2001; (b) is claimed as a dependent on someone else’s 2018 tax return; or (c) was a student.

You were a student, if during any 5 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 night schools.

For more details, use TeleTax topic 610 or see Form 8880.

OnLine Taxes will calculate this credit for you if you qualify based on the information entered.


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Article Details
Views: 1437 Created on: Jun 15, 2013
Date updated: Dec 12, 2018
Posted in: Credits

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