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Irs Gov OrgIrs gov org 4. Irs gov org Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Irs gov org Adjusted gross income. Irs gov org Distributions received by spouse. Irs gov org Testing period. Irs gov org What's New Modified AGI limit for retirement savings contributions credit increased. Irs gov org 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). Irs gov org 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). Irs gov org You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Irs gov org This credit could reduce the federal income tax you pay dollar for dollar. Irs gov org 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. Irs gov org You were born before January 2, 1996. Irs gov org You are not a full-time student (explained next). Irs gov org No one else, such as your parent(s), claims an exemption for you on their tax return. Irs gov org 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). Irs gov org Full-time student. Irs gov org 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. Irs gov org You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Irs gov org Adjusted gross income. Irs gov org 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. Irs gov org 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. Irs gov org Eligible contributions. Irs gov org 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. Irs gov org They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Irs gov org For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Irs gov org Reducing eligible contributions. Irs gov org 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. Irs gov org Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Irs gov org Do not reduce your eligible contributions by any of the following. Irs gov org The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Irs gov org Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Irs gov org 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. Irs gov org Loans from a qualified employer plan treated as a distribution. Irs gov org Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Irs gov org Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Irs gov org Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Irs gov org Distributions from a military retirement plan. Irs gov org Distributions from an inherited IRA by a nonspousal beneficiary. Irs gov org Distributions received by spouse. Irs gov org 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. Irs gov org Testing period. Irs gov org 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. Irs gov org Example. Irs gov org You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Irs gov org You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Irs gov org Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Irs gov org You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Irs gov org 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. Irs gov org Maximum eligible contributions. Irs gov org After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Irs gov org Effect on other credits. Irs gov org The amount of this credit will not change the amount of your refundable tax credits. Irs gov org 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. Irs gov org Maximum credit. Irs gov org This is a nonrefundable credit. Irs gov org 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. Irs gov org 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. Irs gov org How to figure and report the credit. Irs gov org The amount of the credit you can get is based on the contributions you make and your credit rate. Irs gov org Your credit rate can be as low as 10% or as high as 50%. Irs gov org Your credit rate depends on your income and your filing status. Irs gov org See Form 8880 to determine your credit rate. Irs gov org The maximum contribution taken into account is $2,000 per person. Irs gov org On a joint return, up to $2,000 is taken into account for each spouse. Irs gov org Figure the credit on Form 8880. Irs gov org 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. Irs gov org Prev Up Next Home More Online Publications
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