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 $30,750 ($46,125 if filing as Head of Household, $61,500 if Married Filing Jointly)
* The person(s) who made the contributions or elective deferrals was
* Born after January 1, 1999 (for the 2016 tax filing)
* Is a student (see below), or
* Is being claimed as a dependent on someone else's 2016 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,
* 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.
Note: TaxSlayer will automatically calculate any applicable portion of this credit based on the entries inside your tax return.
For information on who CAN take the credit click here