If a taxpayer is filing H/H and qualifies for the Retirement Savings Contribution Credit, what percent...
If a taxpayer is filing H/H and qualifies for the Retirement Savings Contribution Credit, what percent of the contribution would qualify if the AGI is $29,000?
Choose one answer.
| a. 50% | ||
| b. 20% | ||
| c. 10% | ||
| d. 0% |
Homework Answers
retirement saving contribution credit is also known as savers credit
under this policy The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA or ABLE account contributions depending on your adjusted gross income
for head of household credit rate is 50 % if AGI is not more than $29250
in our question taxpayer is filing as head of household and AGI is $29000(i.e. less than $29250)
therefore the corrcet option is A 50%
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