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Free Irs EfileFree irs efile 4. Free irs efile Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Free irs efile Adjusted gross income. Free irs efile Distributions received by spouse. Free irs efile Testing period. Free irs efile What's New Modified AGI limit for retirement savings contributions credit increased. Free irs efile For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Free irs efile Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Free irs efile You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Free irs efile This credit could reduce the federal income tax you pay dollar for dollar. Free irs efile Can you claim the credit? If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Free irs efile You were born before January 2, 1996. Free irs efile You are not a full-time student (explained next). Free irs efile No one else, such as your parent(s), claims an exemption for you on their tax return. Free irs efile Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Free irs efile Full-time student. Free irs efile You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Free irs efile You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Free irs efile Adjusted gross income. Free irs efile This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Free irs efile However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Free irs efile Eligible contributions. Free irs efile These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Free irs efile They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Free irs efile For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Free irs efile Reducing eligible contributions. Free irs efile Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. Free irs efile Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Free irs efile Do not reduce your eligible contributions by any of the following. Free irs efile The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Free irs efile Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Free irs efile Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Free irs efile Loans from a qualified employer plan treated as a distribution. Free irs efile Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Free irs efile Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Free irs efile Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Free irs efile Distributions from a military retirement plan. Free irs efile Distributions from an inherited IRA by a nonspousal beneficiary. Free irs efile Distributions received by spouse. Free irs efile Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Free irs efile Testing period. Free irs efile The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Free irs efile Example. Free irs efile You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Free irs efile You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Free irs efile Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Free irs efile You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Free irs efile You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Free irs efile Maximum eligible contributions. Free irs efile After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Free irs efile Effect on other credits. Free irs efile The amount of this credit will not change the amount of your refundable tax credits. Free irs efile A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Free irs efile Maximum credit. Free irs efile This is a nonrefundable credit. Free irs efile The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. Free irs efile If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Free irs efile How to figure and report the credit. Free irs efile The amount of the credit you can get is based on the contributions you make and your credit rate. Free irs efile Your credit rate can be as low as 10% or as high as 50%. Free irs efile Your credit rate depends on your income and your filing status. Free irs efile See Form 8880 to determine your credit rate. Free irs efile The maximum contribution taken into account is $2,000 per person. Free irs efile On a joint return, up to $2,000 is taken into account for each spouse. Free irs efile Figure the credit on Form 8880. Free irs efile Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Free irs efile Prev Up Next Home More Online Publications
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