IRS Form 8880: Who Qualifies for the Retirement Saver's Credit

** I am a self-employed individual who receives insurance renewal income and therefore have to pay the self-employment tax (FICA) --> based on the Gross income from Schedule C

** I am also receiving Social Security benefits 

** Married Filing Jointly, our AGI is not more than $41,000

 

#1 Can I open a SEP-IRA ?

#2 If yes, can I use the Retirement Saver's Credit to reduce the SE Tax mentioned above ?

 

Many thanks in advance for your help.

 

Tom