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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

Retirement Savings Contributions Credit (Saver's Credit)

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) or 403(b) plan (including designated Roth contributions) or to a governmental 457, SEP, or SIMPLE plan;

(c) voluntary employee contributions to a qualified retirement plan (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.

1. The amount on Form 1040, line 38, is more than $29,500 ($44,250 if head of household; $59,000 if married filing jointly).

2. The person(s) who made the qualified contribution or elective deferral

(a) was born after January 1, 1996,

(b) is claimed as a dependent on someone else's 2013 tax return, or

(c) was a student (defined next).

You were a student if during any part of 5 calendar months of 2013 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 a technical, trade, or mechanical school. It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet.

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


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Views: 1394 Created on: Jun 15, 2013
Date updated: Nov 26, 2014

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