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Education
Code G is for contributions to a 457(b) plan. These contributions can qualify for the Retirement Savings Contribution Credit.
Eligible retirement accounts for the Savers Credit include 401(k), 403(b), 457 plans, Simple IRA, SEP IRA, traditional IRA, and Roth IRA.
- 457(b) plans are tax-advantaged, employer-sponsored retirement plans offered to some government employees, as well as employees of certain tax-exempt organizations (such as school districts).
- 457(b) plans are split into 2 different categories—governmental and non-governmental—depending on whether you work for the government or not.
To claim a Savers Credit, you have to be:
- be age 18 or older
- not be a full-time student
- not be claimed as a dependent on someone else's tax return
- have made your retirement contribution during the tax year for which you are filing your return
- meet the income requirements - see Saver's Credit
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January 21, 2025
6:56 PM