Who is eligible to claim the Retirement Savings Contribution Credit?

Article ID: 33312  

Who is eligible to claim the Retirement Savings Contribution Credit?


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 38; Form 1040A, line 22; or Form 1040NR, line 37 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, 1994, (b) is claimed as a dependent on someone else's 2011 tax return, or (c) was a student (see instructions).

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 Tax 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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Views: 807 Created on: Jun 15, 2013