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Credit for the Elderly: Retirement Savings Contribution

Understand non-refundable credits such as Credit for the Elderly and Retirement Savings Contribution. Check eligibility based on AGI and learn how to calculate the credit on Schedule R. Know the advantages of doubling benefits with this credit and deduction.

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Credit for the Elderly: Retirement Savings Contribution

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  1. Chapter 27 Miscellaneous Credit

  2. Non refundable Credits • Credit for the Elderly • Retirement Savings Contribution

  3. 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

  4. 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

  5. Amount of Credit • Let taxwise calculate the credit. • 15% of amount • See Schedule R

  6. 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

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