One requirement to qualify for the Retirement Savings Contribution Credit states, You are not a full-time student.
What if you worked full-time for 3/4 of year (2018), and began school full-time in Sept.2018 and continued work as part-time? Would you qualify for the requirement towards the Credit?
Thank you.
IRS Pub 969 defines a full-time student as follows:
Full-time student. You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either:
- A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance; or
- A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government.
You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time.
In your case, it appears that you were a full-time student in only 4 months of 2018, so you are not considered a full-time student for 2018 for the purpose of an HSA contribution.
IRS Pub 969 defines a full-time student as follows:
Full-time student. You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either:
- A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance; or
- A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government.
You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time.
In your case, it appears that you were a full-time student in only 4 months of 2018, so you are not considered a full-time student for 2018 for the purpose of an HSA contribution.
So interesting. This would be a difficult credit to notice. I would have thought any time enrolled as full-time student was all it took to dis-qualify from the Retirement Contribution Credit.
I appreciate it. thank you.
In the meantime, I realize that my contributions were via my employment at a company with a 401K plan. And these amounts don't count for the Retirement S.C. Credit.
Oh well.
Thanks again.
Elective deferrals or Roth contributions to your employers 401(k), reported in box 12 of your W-2 with code D or code AA, respectively, do indeed count.