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Revised Tax ReturnRevised tax return 10. Revised tax return Retirement Savings Contributions Credit (Saver's Credit) Table of Contents Full-time student. Revised tax return Adjusted gross income. Revised tax return Distributions received by spouse. Revised tax return Testing period. Revised tax return If you or your employer make eligible contributions (defined later) to a retirement plan, you may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Revised tax return This credit could reduce the federal income tax you pay dollar for dollar. Revised tax return Can you claim the credit? If you or your employer make eligible contributions to a retirement plan, you can claim the credit if all of the following apply. Revised tax return You are not under age 18. Revised tax return You are not a full-time student (explained next). Revised tax return No one else, such as your parent(s), claims an exemption for you on their tax return. Revised tax return Your adjusted gross income (defined later) is not more than: $59,000 for 2013 ($60,000 for 2014) if your filing status is married filing jointly, $44,250 for 2013 ($45,000 for 2014) if your filing status is head of household (with qualifying person), or $29,500 for 2013 ($30,000 for 2014) if your filing status is single, married filing separately, or qualifying widow(er) with dependent child. Revised tax return Full-time student. Revised tax return 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. Revised tax return You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full-time. Revised tax return Adjusted gross income. Revised tax return This is generally the amount on line 38 of your 2013 Form 1040 or line 22 of your 2013 Form 1040A. Revised tax return 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. Revised tax return Eligible contributions. Revised tax return These include: Contributions to a traditional or Roth IRA, 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. Revised tax return They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or a section 403(b) annuity. Revised tax return For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Revised tax return Reducing eligible contributions. Revised tax return 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 earlier under Eligible contributions. Revised tax return Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Revised tax return Do not reduce your eligible contributions by any of the following: The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Revised tax return 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. Revised tax return Loans from a qualified employer plan treated as a distribution. Revised tax return Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Revised tax return Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Revised tax return Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Revised tax return Distributions from a military retirement plan. Revised tax return Distributions received by spouse. Revised tax return 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. Revised tax return Testing period. Revised tax return The testing period consists of: The year in which you claim the credit, The 2 years before the year in which you claim the credit, and The period after the end of the year in which you claim the credit and before the due date of the return (including extensions) for filing your return for the year in which you claimed the credit. Revised tax return Example. Revised tax return You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Revised tax return You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible section 457(b) deferred compensation plan in 2012. Revised tax return Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Revised tax return You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Revised tax return You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you and your spouse received in 2011, 2012, 2013, and 2014. Revised tax return Maximum eligible contributions. Revised tax return After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Revised tax return Effect on other credits. Revised tax return The amount of this credit will not change the amount of your refundable tax credits. Revised tax return A refundable tax credit, such as the earned income credit or the additional child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Revised tax return Maximum credit. Revised tax return This is a nonrefundable credit. Revised tax return 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 or the adoption credit) in any year. Revised tax return If your tax liability is reduced to zero because of other nonrefundable credits, such as the education credits, then you will not be entitled to this credit. Revised tax return How to figure and report the credit. Revised tax return The amount of the credit you can get is based on the contributions you make and your credit rate. Revised tax return The credit rate can be as low as 10% or as high as 50%. Revised tax return Your credit rate depends on your income and your filing status. Revised tax return See Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your credit rate. Revised tax return The maximum contribution taken into account is $2,000 per person. Revised tax return On a joint return, up to $2,000 is taken into account for each spouse. Revised tax return Figure the credit on Form 8880. Revised tax return Report the credit on line 50 of your Form 1040 or line 32 of your Form 1040A, and attach Form 8880 to your return. Revised tax return Prev Up Next Home More Online Publications
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