You qualify for the credit if you’re:
- 18 or older
- Not a full-time student
- Not claimed as a dependent on someone else’s return
In 2023 your adjusted gross income (AGI) also can’t be more than:
- $73,000 if Married Filing Jointly
- $54,750 if Head of Household (with qualifying person)
- $36,500 if Single, Married Filing Separately, or Surviving Spouse with dependent child
The Savers Credit is a 'non-refundable' tax credit. That means this credit can reduce the tax you owe to zero, but it can't provide you with a tax refund.
Form 8880 is used to figure the amount, if any, of your retirement savings contributions credit (also known as the saver’s credit). The maximum amount of the credit is $1,000 ($2,000 if married filing jointly)
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