topic Can i use tax deductions to reduce my taxable income and become eligible for the savers tax credit if i make more than 31,000? in Retirement tax questions

Can i use tax deductions to reduce my taxable income and become eligible for the savers tax credit if i make more than 31,000?

robbisn25 — Tue, 04 Jun 2019 19:23:03 GMT

Yes and no. "Deductions" (standard or itemized) do not lo...

Hal_Al — Tue, 04 Jun 2019 19:23:05 GMT

Yes and no. "Deductions" (standard or itemized) do not lower your qualifying income for the Savers Credit. They lower your taxable income for purposes of calculating tax.

"Adjustments to Income" (lines 23-37 of form 1040 or lines 16-21 of form 1040A) do lower your qualifying income. As Critter#2 already indicated, the only adjustment still available to you, for your 2017 tax return, is an IRA deduction.

Sure ... but the only one available to you after the firs...

Critter — Tue, 04 Jun 2019 19:23:08 GMT

Sure ... but the only one available to you after the first of the year is the deductible IRA contribution which you can make up to 4/17/18. https://www.irs.gov/pub/irs-pdf/f8880.pdf

Look at the possibilities in the adjustment portion of th...

Critter — Tue, 04 Jun 2019 19:23:09 GMT

Look at the possibilities in the adjustment portion of the 1040 form lines 23 - 36
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040.pdf">https://www.irs.gov/pub/irs-pdf/f1040.pdf</a>