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 2021.
  • You’re at least age 18 by the end of 2021.
  • You weren’t a full-time student during any part of five calendar months in 2021.
  • 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 Topics

Related Resources

Dependent Adult Child on Government Assistance

Can you claim your adult child on your taxes if they receive food stamps? Learn more about your options. Get more tax answers at H&R Block.

TurboTax Live Full Service vs. H&R Block Virtual

Comparing TurboTax Live Full Service and H&R Block Virtual? See how H&R Block offers expertise and full-service tax experience with H&R Block Virtual.

State And Local Tax When Claiming Itemized Deductions

Do you add state and local taxes together when claiming itemized deductions? Learn more from the tax experts at H&R Block.

Do I Need An EIN For My Child Care Provider?

Can you file for a childcare tax deduction without your care center's EIN? Learn more from the tax experts at H&R Block.