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 $30,000 ($45,000 if filing as Head of Household, $60,000 if Married Filing Jointly)
- The person(s) who made the contributions or elective deferrals was
- Born after January 1, 1997 (for the 2014 tax filing)
- Is a student (see below), or
- Is being claimed as a dependent on someone else's 2014 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.
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