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retirement & Investment contribution credit

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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Accepted Solutions
MaryK4
Employee Tax Expert

retirement & Investment contribution credit

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.

 

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2 Replies
MaryK4
Employee Tax Expert

retirement & Investment contribution credit

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.

 

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

retirement & Investment contribution credit

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