Expert Alumni

Retirement tax questions

The Retirement Savings Credit depends on your Adjusted Gross Income and the amounts you contribute to qualified savings accounts. If you are filing jointly, only the first $2,000 contributed by each spouse counts towards the credit. In your case, if your rate of credit is 10% and the $3,000 was contributed by only one of the spouses then the credit will be $200 (10% of $2,000). If the $3,000 were contributed by each of the spouses (say $2,000 for one and $1,000 for the other) then the tax credit would be $300 (10% of $3,000)

Please see this Turbotax article more more information:


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post