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 Topics

Related Resources

Depreciation Schedule For Computers

What is the depreciation schedule for computers and other equipment? Learn more from the tax experts at H&R Block.

Deduct Prepaid Mortgage Interest And Real Estate Taxes

Learn about the tax implications of prepaid mortgage interest and real estate taxes to determine if you can deduct them or not from the tax experts at

Is Tithing Tax Deductible?

Is tithing at your church or place of worship tax deductible? Learn more from the tax experts at H&R Block.

Going Green: Tax Credits for Energy Efficient Home Improvements

If you made improved your home's energy efficiency this year, you may qualify to claim one of two different energy property credits. Learn more at H&R Block.