You may be able to take this credit if you, or your spouse if filing jointly, made:
Contributions, other than rollover contributions, to a traditional or Roth IRA.
Elective deferrals to a 401(k), 403(b) (including designated Roth contributions), governmental 457, SEP, or SIMPLE plan.
Voluntary employee contributions to a qualified retirement plan (including the Federal Thrift Savings Plan).
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 or 1040-SR, line 8b; or Form 1040-NR, line 35, is more than $32,500 ($48,750 if head of household; $65,000 if married filing jointly).
• The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 2003; (b) is claimed as a dependent on someone else’s 2020 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.