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I have a question about the IRA Tax Credit. Why don’t I qualify for the retirement savings contribution credit / Saver’s Credit?

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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 2023.
  • You’re at least age 18 by the end of 2023.
  • You weren’t a full-time student during any part of five calendar months in 2023.
  • 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 — $73,000
    • Single/Married filing separately — $36,500
    • Head of household — $54,750

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