Question
I have a question about the IRA Tax Credit. Why don’t I qualify for the retirement savings contribution credit / Saver’s Credit?
Answer
To be eligible for the retirement savings contribution credit/Saver’s Credit, you must meet all of these requirements:
- You make voluntary contributions to a qualified retirement plan for 2020.
- You’re at least age 18 by the end of 2020.
- You weren’t a full-time student during any part of five calendar months in 2020.
- Another person can’t claim you as a dependent.
- Your modified adjusted gross income (AGI), based on your filing status, isn’t more than:
- Married filing jointly — $61,500
- Married filing separately — $30,750
- Single — $30,750
- Head of household — $46,125
- Qualifying widow(er) — $30,750
Related Resources
Where’s my refund – Minnesota?
Looking for more information about your Minnesota refund? Find out details on how to check your refund status, who to contact, and more from H&R Block.
Reporting A Business Loss Deduction
Can you take a deduction for a business loss? Learn more from the tax experts at H&R Block.
Alabama Tax Forms
Learn more about the Alabama tax forms that will be helpful in filing your return this year, with help from the tax pros at H&R Block.
Section 179 Deduction Limits
Can you claim your new vehicle under Section 179 deduction limits? Learn more from the tax experts at H&R Block.