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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