Comments on: Saver’s Credit: Retirement Savings Contribution Tax Credit

By: Jay

Jay — Wed, 23 Mar 2011 00:26:39 +0000

does it matter if my retirement savings are AFTER taxes are taken out or before. I contribute to my Retirement fund AFTER TAX, so am I still eligible? I filled out F 8880. Just wondering if it matters if Retire fund contributions are before or after tax.

By: tahoedrew

tahoedrew — Wed, 24 Nov 2010 20:06:43 +0000

I had to go directly to the Form 8880 and then to the Form 1040 to confirm this credit is based on your AGI (Adjusted Gross Income). So yes and no, the income ranges are after all applicable adjustments but before your deductions (standard, itemized, etc.).

By: Jim

Jim — Wed, 08 Apr 2009 16:51:52 +0000

It goes back as far as tax year 2002, perhaps even earlier.

By: pat

pat — Wed, 08 Apr 2009 16:41:25 +0000

When was the “Credit for Qualified Retirement Savings Contributions” established? In other words, what year? I just learned about it and wonder if I can also amend my tax forms for previous filings

By: Jim

Jim — Tue, 17 Mar 2009 15:45:54 +0000

Yes, if the contributions are made to a qualified IRA for the 2008 tax year.

By: bikerphoto

bikerphoto — Tue, 17 Mar 2009 15:25:56 +0000

Can one get this credit on 2008 taxes if contributions to a qualified IRA are made before April 15, 2009?

By: Stewardship Journey

Stewardship Journey — Tue, 17 Mar 2009 12:33:14 +0000

I think this is a great idea and incentive, but the phaseouts are extremely low compared to typical phaseout limits for other credits.

By: Stephanie PTY

Stephanie PTY — Tue, 17 Mar 2009 01:15:16 +0000

Bah! Too bad you can’t claim it if you were a full-time student, or I’d be making a retirement contribution to take advantage of this. Actually, though, I may be able to do it this year, for next year’s taxes. Excellent….

By: SJ

SJ — Mon, 16 Mar 2009 20:11:49 +0000

Question. Whenever I read about these things and the eligible income ranges do the ranges occur after tax deductions — like IRA,401k, standard deduction?

This makes it seem like it does, which is really interesting. Also, this answers a question my friend had earlier; while he had to declare his roth ira

By: Cap

Cap — Mon, 16 Mar 2009 20:03:09 +0000

edit: …so you can’t take advantage of any excessive amount to get a refund if you don’t owe any taxes.

By: Cap

Cap — Mon, 16 Mar 2009 20:02:30 +0000

Often mention this tax credit to recent college grad buddies that qualifies for it. Additional benefit to what you already get from the retirement account = not too shabby. Just remember that this tax credit is a nonrefundable one, so you can’t take advantage of any excessive amount to get a refund.