Retirement savings contribution credit

Jessmore · ‎February 18, 2020

Yes I was wondering why I don't qualify for this credit when I meet the criteria that is listed as qualifiers which is you must be over 18, aren't a full time student, contribute to a qualifying account and don't exceed the income limit for your filing status.

ColeenD3 · ‎February 18, 2020

There is a line on Form 8880, that is not mentioned. The credit must be reduced by any distribution previously taken.

Form 8880 Line 4

Certain distributions received after 2016 and before the due date (including extensions) of your 2019 tax return. If married filing jointly, include both spouses’ amounts in both columns.

To claim a Savers Credit, you must:

Be age 18 or older.
Not be a full-time student.
Not be claimed as a dependent on someone else's tax return.
Have made your retirement contribution during the tax year for which you are filing your return.
Meet the income requirements

View solution in original post

ColeenD3 · ‎February 18, 2020

There is a line on Form 8880, that is not mentioned. The credit must be reduced by any distribution previously taken.

Form 8880 Line 4

Certain distributions received after 2016 and before the due date (including extensions) of your 2019 tax return. If married filing jointly, include both spouses’ amounts in both columns.

To claim a Savers Credit, you must:

Be age 18 or older.
Not be a full-time student.
Not be claimed as a dependent on someone else's tax return.
Have made your retirement contribution during the tax year for which you are filing your return.
Meet the income requirements