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Category: Credits

Who CANNOT take the Retirement Savings Credit?

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

  • Your AGI is more than $29,500 ($44,250 if filing as Head of Household, $59,000 if Married Filing Jointly)
  • The person(s) who made the contributions or elective deferrals was
    • Born after January 1, 1996 (for the 2013 tax filing)
    • Is a student (see below), or
    • Is being claimed as a dependent on someone else's 2013 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