You may be able to take this credit if you, or your spouse if filing jointly, made:
- Contributions to a traditional or Roth IRA
- Elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan,
- Voluntary employee contributions to a qualified retirement plan (including the Federal Thrift Savings Plan), or
- 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 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, 1997, (b) is claimed as a dependent on someone else's tax return, or (c) was a student (defined below).
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 school offering courses only through the Internet.
For more details, use TeleTax topic 610 or see Form 8880. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit?_ga=1.227331994.622946967.1467065268
OnLine Taxes will calculate this credit for you if you qualify based on the information entered.