Hereare some reasons you may not be qualifying for the Retirement Savers Credit (Savers Credit): You did not make any contributions to your IRA or Qualified Retirement Plan during 2018 The distributions you took from your IRA or any other Qualified Retirement Plan in 2016, 2017 and/or 2018 exceeded your Contributions for 2018 Your 2018 tax liability is already zero. The Savers Credit cannot increase your refund if your tax liability is already zero. Your Adjusted Gross Income (AGI) for Single, Married Filing Separate or Qualifying Widow is over $31,500, $47,250 for Head of Household, or Married Filing Joint status is over $63,000.

Question

Told I do not qualify for the retirement tax credit but I meet all four criteria.. w-2 states I contributed $1040.00 in 2018. I do have a 1099-r in 2018. SomeoneExplain?

Forum|Forum|7 years ago
June 5, 2019
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RachelW33

Here are some reasons you may not be qualifying for the Retirement Savers Credit (Savers Credit):

You did not make any contributions to your IRA or Qualified Retirement Plan during 2018
The distributions you took from your IRA or any other Qualified Retirement Plan in 2016, 2017 and/or 2018 exceeded your Contributions for 2018
Your 2018 tax liability is already zero. The Savers Credit cannot increase your refund if your tax liability is already zero.
Your Adjusted Gross Income (AGI) for Single, Married Filing Separate or Qualifying Widow is over $31,500, $47,250 for Head of Household, or Married Filing Joint status is over $63,000.

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