Retirement Savings Credit

This credit is available to taxpayers who make contributions to most retirement plans. Included are:

• Traditional or Roth IRA's
• Elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan
• Voluntary employee contributions to a qualified retirement plan
• Contributions to a 501(c)(18)(d) plan.

You cannot take the credit if either of the following applies:

1. The amount on Form 1040, line 38 or Form 1040A, line 22 is more than

• $26,500 if filing single or married filing separately
• $29,750 if filing as head of household
• $53,000 if filing jointly

2. The person who made the qualifying contribution or deferral was

• Born after January 1, 1991
• Is claimed as a dependent on someone else's tax return
• Was a student

The credit is figured on Form 8880.