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posted Jun 4, 2019 2:16:58 PM

Retirement savings contribution credit

If we withdrew $12,114 from IRAs, (we are over the age of 60), but turned around and later opened and  contributed $13,000 back into IRAs... why would we not get a retirement savings credit on the $800. +  ?  Our AGI is under $45,000. and we filed jointly.

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1 Best answer
Level 15
Jun 4, 2019 2:17:01 PM

Rollover contributions (money that you moved from another retirement plan or IRA) aren’t eligible for the Saver’s Credit. Also, your eligible contributions may be reduced by any recent distributions you received from a retirement plan or IRA.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...

2 Replies
Level 15
Jun 4, 2019 2:16:59 PM

Did you roll that back within 60 days?

Level 15
Jun 4, 2019 2:17:01 PM

Rollover contributions (money that you moved from another retirement plan or IRA) aren’t eligible for the Saver’s Credit. Also, your eligible contributions may be reduced by any recent distributions you received from a retirement plan or IRA.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...