Should i be taking the Retirement Savings Contribution Credit? I don't want to get taxed for my retirement when I begin to Draw from it. Is taking a credit now harmful?

antnychrist · ‎May 31, 2019

MaryK1 · ‎May 31, 2019

Yes if you qualify for the credit you should take it. It does not affect your retirement plans or how they are taxed, it is separate and gives you credit for your taxes now.

The credit for qualified retirement savings contribution, helps low and middle-income taxpayers save money for retirement. Based on your income and filing status, you can claim a credit on your return for part of the money you placed into a qualified retirement plan.

**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

MaryK1 · ‎May 31, 2019

Yes if you qualify for the credit you should take it. It does not affect your retirement plans or how they are taxed, it is separate and gives you credit for your taxes now.

The credit for qualified retirement savings contribution, helps low and middle-income taxpayers save money for retirement. Based on your income and filing status, you can claim a credit on your return for part of the money you placed into a qualified retirement plan.

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

Expert does your taxes

Do it yourself

Resources

Support

Should i be taking the Retirement Savings Contribution Credit? I don't want to get taxed for my retirement when I begin to Draw from it. Is taking a credit now harmful?