Retirement Savings contribution credit include traditional IRA

Forum|Forum|7 years ago
June 1, 2019
1 reply
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Does a regular Traditional IRA qualify for Retirement Savings Contribution Credit? NOT through any employer, or self-employed type plan. Just an individual account opened at bank.

Thank you.

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Cindy0H

Level 10

Yes, they do qualify.

Which retirement accounts qualify for the credit?

The Savers Credit can be claimed for your contributions to a 401k, 403(b), 457 plan, a Simple IRA or a SEP IRA. (You can’t claim your employer's contributions to these accounts, however.) Your contributions to a traditional IRA or a Roth IRA are also eligible for the Savers Credit.

If you have other questions about this, ask in the comment section below.

massachusetts1Author

Level 5

That's great. However, there isn't an entry box for regular IRA. They only ask about work-related plans. And I don't have simple or the similar in my self-employed, solo work. Thank you.