You cannot take the Retirement Savings Credit if either of the following applies:

• Your AGI is more than $28,250 ($42,375 if filing as Head of Household, $56,500 if Married Filing Jointly)
• The person(s) who made the contributions or elective deferrals was
  • Born after January 1, 1994 (for the 2011 tax filing)
  • Is a student (see below), or
  • Is being claimed as a dependent on someone else's 2011 return.

Student:  You were considered a "student" if, during any part of 5 calendar months during the tax year you either:

• Were enrolled as a full-time student at a school, or
• Took a full-time, on-farm training course given by a school or a state, county, or local government agency.

A "school" includes technical, trade, and mechanical schools.  It does not include on-the-job training courses, correspondence schools, or schools offering courses only through the internet.

For information on who CAN take the credit click here