Saver's Credit

Question 1

Credit for Qualified Retirement Savings Contributions (Form 8880). What is the maximum amount of credit that he may claim?

Answer 1

$1000

Question 2

What is the maximum amount of contributions that a single taxpayer may consider for purposes of calculating the Credit for Qualified Retirement Savings Contributions (Form 8880)?

Answer 2

2000

Question 3

A taxpayer may not claim the retirement savings contribution credit if _________?

Answer 3

A taxpayer cannot take the retirement contribution credit if they were claimed as a dependent on someone else’s tax return.

IRS Form 8880.

Question 4

Which contribution does NOT qualify for the retirement contribution credit?

Answer 4

A taxpayer is eligible for this credit if he or she made contributions to a traditional or Roth IRA; elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan; or voluntary employee contributions to a qualified retirement plan. Employer contributions under 414(h)(2) are not voluntary employee contributions and do not qualify for the credit.

IRS Form 8880.

Question 5

For 2023, single taxpayers are not entitled to the saver’s credit if AGI exceeds what amount?

Answer 5

A single taxpayer cannot take the saver’s credit if their 2023 AGI is more than $36,500.