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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 $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