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Chapter 27. Miscellaneous Credit. Non refundable Credits. Credit for the Elderly Retirement Savings Contribution. Credit for the Elderly. Schedule R – Form 1040 Line 48 Schedule 3 – 1040A Line 30 Not on 1040EZ Pub 17 – pg 225 – 228 Resource Guide – pg G-4. Limitations pg 226 Pub 17.

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chapter 27

Chapter 27

Miscellaneous Credit

non refundable credits
Non refundable Credits
  • Credit for the Elderly
  • Retirement Savings Contribution
credit for the elderly
Credit for the Elderly
  • Schedule R – Form 1040 Line 48
  • Schedule 3 – 1040A Line 30
  • Not on 1040EZ
  • Pub 17 – pg 225 – 228
  • Resource Guide – pg G-4
limitations pg 226 pub 17
Limitations pg 226 Pub 17
  • AGI Non taxable Income
  • Single,HH 17,500 5,000
  • MFJ-Both 25,000 7,500
  • MFJ – One 20,000 5,000
  • MFS 12,500 3,750
amount of credit
Amount of Credit
  • Let taxwise calculate the credit.
  • 15% of amount
  • See Schedule R
retirement savings contribution
Retirement Savings Contribution
  • Double Benefit – both this credit and deduction for IRS Contribution
  • Form 8880
  • W-2 X in Box 12 Retirement gives indication of possible credit
  • X in Box 14 indicates state contribution