What are the qualifications for the retirement savings plan credit?

mhuibregtse69 — Wed, 05 Jun 2019 02:15:46 GMT

The Retirement Savings Contribution Credit is a credit fo...

AnthonyC — Wed, 05 Jun 2019 02:15:47 GMT

The Retirement Savings Contribution Credit is a credit for making eligible contributions to your IRA or employer-sponsored retirement plan (i.e 401k). It is designed to encourage those with adjusted gross income levels below a certain amount to save for retirement.

The basic eligibility requirements are that you must be -

Age 18 or older;
Not a full-time student; and
Not claimed as a dependent on another person’s return

The amount of the credit is based on filing status, your adjusted gross income, and the amount of your contribution to a retirement plan. You can find more information about the specific levels of the credit at the link below.

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

If you did contribute to a retirement plan, then you should click on that credit and go through the questions to see if you qualify. If you contributed to a 401K through your employer, then that information is likely on your W2 box 12 and the program will pull it into that section automatically.

topic What are the qualifications for the retirement savings plan credit? in Retirement tax questions

What are the qualifications for the retirement savings plan credit?

The Retirement Savings Contribution Credit is a credit fo...