Retirement Savings Credit
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You may be able to take the Retirement Savings Contributions Credit if you or your spouse made contributions to a traditional IRA, Roth IRA, 401(k), 403(b), 457, SEP, SIMPLE plan, 501(c)(18), or other qualified retirement plans.
The Retirement Savings Contributions Credit is only available to taxpayers with adjusted gross incomes of:
- $79,000 or less on a Married Filing Jointly return,
- $59,250 for Head of Household,
- $39,500 for Single taxpayers.
You are also not eligible for the Retirement Savings Contributions Credit if you are a full-time student, younger than age 18, or claimed as a dependent by your parents or someone else. If you have received pension or IRA distributions (Form 1099-R) in the past three years, the amount of distributions received reduces the amount of retirement contributions that are eligible for the credit. The Retirement Savings Contributions Credit is not refundable, so if your income is low enough that you do not have any tax, then you won't receive a Retirement Savings Contributions Credit.
We'll automatically calculate if you receive the Retirement Savings Contributions Credit based on the 401(k) contributions you enter in Box 12 of your W-2, the other retirement contributions, such as IRA contributions you enter in the software, and the income you enter on your tax return.
You may be able to take the Retirement Savings Contributions Credit if you or your spouse made contributions to a traditional IRA, Roth IRA, 401(k), 403(b), 457, SEP, SIMPLE plan, 501(c)(18), or other qualified retirement plans.
The Retirement Savings Contributions Credit is only available to taxpayers with adjusted gross incomes of:
- $79,000 or less on a Married Filing Jointly return,
- $59,250 for Head of Household,
- $39,500 for Single taxpayers.
You are also not eligible for the Retirement Savings Contributions Credit if you are a full-time student, younger than age 18, or claimed as a dependent by your parents or someone else. If you have received pension or IRA distributions (Form 1099-R) in the past three years, the amount of distributions received reduces the amount of retirement contributions that are eligible for the credit. The Retirement Savings Contributions Credit is not refundable, so if your income is low enough that you do not have any tax, then you won't receive a Retirement Savings Contributions Credit.
We'll automatically calculate if you receive the Retirement Savings Contributions Credit based on the 401(k) contributions you enter in Box 12 of your W-2, the other retirement contributions, such as IRA contributions you enter in the software, and the income you enter on your tax return.
