hI IAM DOING MY TAXES FILING MARRIED JOINT, 1DEPENANT ,TOTAL INCOME $40340 THE REFUND DUE IS ABOUT $850 BEFORE IPUT IN THE $4000 IRA FOR BOTH ITS ONLY GIVING ME A $863 REFUND CREDIT FOR THE SAVINGS CONTRIBUTION ,FROM WHAT IT SAYS I SHOULD BE GETING A $2000 REFUND FROM THE SAVINGS CONTRIBUTION ALONE IS THIS RIGHT ? THANKS FOR ANY HELP JOHN
Being a "nonrefundable" credit, the Retirement Savings Contributions Credit cannot be used to reduce your income tax liability on Form 1040 line 22 below zero, so this credit is limited to no more than what is necessary what bring your income tax liability on line 22 to zero.
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