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 2019.
- You’re at least age 18 by the end of 2019.
- You weren’t a full-time student during any part of five calendar months in 2019.
- 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 Resources
Which Parent Should Claim a Child on Taxes
Find out if child custody matters when you’re trying to determine which parent should claim your child on taxes. The experts at H&R Block explain the rules.
What’s Your Filing Status?
Choosing the wrong filing status is a common mistake. Do you know what your tax filing status is? Read on to learn about filing statuses with H&R Block.
Maximum Saver's Credit You Can Receive
What's the maximum Saver's Credit you can receive? Learn more from the tax experts at H&R Block.
Can I Claim My Spouse as a Dependent?
Can spouses be claimed as dependents? Learn more about this issue and get tax answers at H&R Block today.
