Retirement Savings Credit

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Retirement Savings Credit

AGI Limitation - Retirement Savings Contribution Credit

Asked Wednesday, January 15, 2014 by an anonymous user
You are not eligible for the credit if your adjusted gross income exceeds a certain amount. In 2013, You cannot take the credit if either of the following applies: The amount of AGI on Form 1040, line 38 ; Form 1040A, line 22; or Form 1040NR, line 37, is more than $35,500 ($38,500 if head of household; $59,000 if married filing jointly).
In 2014, You cannot take the credit if either of the following applies: The amount of AGI on Form 1040, line 38 ; Form 1040A, line 22; or Form 1040NR, line 37, is more than $36,000 ($39,000 if head of household; $60,000 if married filing jointly
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Retirement Savings Credit

What retirement plans qualify for the Retirement Savings Contribution Credit?

Asked Thursday, January 05, 2012 by an anonymous user
If you made (a) contributions (other than rollover contributions) to a traditional or Roth IRA, (b) elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan, (c) voluntary employee contributions to a qualified retirement plan as defined in section 4974(c) (including the federal Thrift Savings Plan), or (d) contributions to a 501(c)(18)(D) plan, you may qualify for the credit.
You are not eligible for the credit if your adjusted gross income exceeds a certain amount.
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Retirement Savings Credit

What is the AGI Limitation for claiming the Retirement Savings Contribution Credit?

Asked Thursday, January 05, 2012 by an anonymous user
You are not eligible for the credit if your adjusted gross income exceeds a certain amount. You cannot take the credit if either of the following applies: The amount of AGI on Form 1040, line 38 ; Form 1040A, line 22; or Form 1040NR, line 37, is more than $28,250 ($42,375 if head of household; $56,500 if married filing jointly).
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Retirement Savings Credit

Is there an age or filing status limitation in claiming the Retirement Savings Contribution Credit?

Asked Thursday, January 05, 2012 by an anonymous user
You cannot claim the credit if 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.
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Retirement Savings Credit

What is the definition of a student for purposes of claiming the Retirement Savings Contribution Credit?

Asked Thursday, January 05, 2012 by an anonymous user
You cannot take the credit if you are a student. You were a student if during any part of 5 calendar months of the current 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 schools offering courses only through the Internet.
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