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
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