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Rev. date: 12/02/2013

Retirement Savings Contributions Credit

Tax Topic 610
If you make eligible contributions to certain eligible retirement plans or to an individual retirement arrangement (IRA), you may be able to take a tax credit. The amount of the saver's credit you can get is generally based on the contributions you make and your credit rate. Refer to Publication 590, Individual Retirement Arrangements (IRAs), or the instructions for Form 8880, Credit for Qualified Retirement Savings Contributions, for more information. If you are eligible for the credit, your credit rate can be as low as 10% or as high as 50%, depending on your adjusted gross income. The lower your income (or joint income, if applicable), the higher the credit rate; your credit rate also depends on your filing status. These two factors will determine the maximum credit you may be allowed to take. You are not eligible for the credit if your adjusted gross income exceeds a certain amount. Dependents and full-time students also are not eligible for the credit.
Use Form 8880, Credit for Qualified Retirement Savings Contributions, to determine the rate and amount of the credit. Enter the amount of the credit on Form 1040, Form 1040-A, or on Form 1040-NR. You cannot use Form 1040-EZ to claim this credit.