Can I Claim the Retirement Savers Credit if I was a High School Student
My son graduated High School in May 2023. He was 18 years old. He turned 19 in October 2023. He worked full time from July 2023 through December 2023. He did not attend any post secondary education beyond High School. His AGI was $18,590. He will file independently as a single taxpayer and will not be claimed as a dependent by anyone else. He did not contribute to a retirement account in 2023. He is planning to fund an IRA for 2023 before April 15, 2024. QUESTION 1 - Is he prohibited from claiming the Retirement Savers Credit since he attended High School for 5 months in 2023? QUESTION 2 -If he is not prohibited from claiming the Retirement Savers Credit -Can he contribute to a Roth IRA (as opposed to a Traditional IRA) for 2023 and still be eligible for the Retirement Savers Credit?
