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 38, or Form 1040A, line 22, is more than $30,000 ($45,000 if head of household; $60,000 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 2014 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.
OLTPRO will calculate this credit for you if the taxpayer qualifies based on the information entered.