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Retirement tax questions
The Retirement Savings Contributions Credit is a nonrefundable credit and is not eligible for carryforward. This credit can only be used to reduce income taxes, not self-employment taxes or other taxes, so if your income tax liability is already zero after applying any other income-tax credits that are not eligible for carryforward, there is nothing to which to apply the Retirement Savings Contributions Credit and you don't get the credit.
‎July 6, 2020
8:38 AM