My retirement contribution credit last year was 612.00 for the amount of 1224.00. This year my credit is 138.00 for the amount of 1380.00. Why is the credit so much less this year?
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Your credit amount depends on your adjusted gross income that is reported on your Form 1040- the amount of the credit is 50%, 20% or 10%. This could explain the difference- as last year you qualified for the 50% credit and this year you had the 10%. See below.

Your credit amount depends on your adjusted gross income that is reported on your Form 1040- the amount of the credit is 50%, 20% or 10%. This could explain the difference- as last year you qualified for the 50% credit and this year you had the 10%. See below.

Thank you.
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