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Retirement tax questions
There are several reasons you might not qualify for the Retirement Savings Contributions Credit. If you meet all of the other requirements, it could just be that you have no income-tax liability (Form 1040 line 22) against which to apply the credit. The credit is a nonrefundable credit, so it can't be used to reduce Other taxes like self-employment tax or the penalty for an early-distribution from a retirement account.
‎April 7, 2023
5:15 AM