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1040ez Tax Instructions1040ez tax instructions 10. 1040ez tax instructions Retirement Savings Contributions Credit (Saver's Credit) Table of Contents Full-time student. 1040ez tax instructions Adjusted gross income. 1040ez tax instructions Distributions received by spouse. 1040ez tax instructions Testing period. 1040ez tax instructions If you or your employer make eligible contributions (defined later) to a retirement plan, you may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). 1040ez tax instructions This credit could reduce the federal income tax you pay dollar for dollar. 1040ez tax instructions Can you claim the credit? If you or your employer make eligible contributions to a retirement plan, you can claim the credit if all of the following apply. 1040ez tax instructions You are not under age 18. 1040ez tax instructions You are not a full-time student (explained next). 1040ez tax instructions No one else, such as your parent(s), claims an exemption for you on their tax return. 1040ez tax instructions Your adjusted gross income (defined later) is not more than: $59,000 for 2013 ($60,000 for 2014) if your filing status is married filing jointly, $44,250 for 2013 ($45,000 for 2014) if your filing status is head of household (with qualifying person), or $29,500 for 2013 ($30,000 for 2014) if your filing status is single, married filing separately, or qualifying widow(er) with dependent child. 1040ez tax instructions Full-time student. 1040ez tax instructions You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. 1040ez tax instructions You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full-time. 1040ez tax instructions Adjusted gross income. 1040ez tax instructions This is generally the amount on line 38 of your 2013 Form 1040 or line 22 of your 2013 Form 1040A. 1040ez tax instructions However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. 1040ez tax instructions Eligible contributions. 1040ez tax instructions These include: Contributions to a traditional or Roth IRA, Elective deferrals, including amounts designated as after-tax Roth contributions, to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. 1040ez tax instructions They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or a section 403(b) annuity. 1040ez tax instructions For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. 1040ez tax instructions Reducing eligible contributions. 1040ez tax instructions Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included earlier under Eligible contributions. 1040ez tax instructions Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. 1040ez tax instructions Do not reduce your eligible contributions by any of the following: The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. 1040ez tax instructions Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. 1040ez tax instructions Loans from a qualified employer plan treated as a distribution. 1040ez tax instructions Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). 1040ez tax instructions Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). 1040ez tax instructions Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. 1040ez tax instructions Distributions from a military retirement plan. 1040ez tax instructions Distributions received by spouse. 1040ez tax instructions Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. 1040ez tax instructions Testing period. 1040ez tax instructions The testing period consists of: The year in which you claim the credit, The 2 years before the year in which you claim the credit, and The period after the end of the year in which you claim the credit and before the due date of the return (including extensions) for filing your return for the year in which you claimed the credit. 1040ez tax instructions Example. 1040ez tax instructions You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. 1040ez tax instructions You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible section 457(b) deferred compensation plan in 2012. 1040ez tax instructions Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. 1040ez tax instructions You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. 1040ez tax instructions You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you and your spouse received in 2011, 2012, 2013, and 2014. 1040ez tax instructions Maximum eligible contributions. 1040ez tax instructions After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. 1040ez tax instructions Effect on other credits. 1040ez tax instructions The amount of this credit will not change the amount of your refundable tax credits. 1040ez tax instructions A refundable tax credit, such as the earned income credit or the additional child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. 1040ez tax instructions Maximum credit. 1040ez tax instructions This is a nonrefundable credit. 1040ez tax instructions The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits or the adoption credit) in any year. 1040ez tax instructions If your tax liability is reduced to zero because of other nonrefundable credits, such as the education credits, then you will not be entitled to this credit. 1040ez tax instructions How to figure and report the credit. 1040ez tax instructions The amount of the credit you can get is based on the contributions you make and your credit rate. 1040ez tax instructions The credit rate can be as low as 10% or as high as 50%. 1040ez tax instructions Your credit rate depends on your income and your filing status. 1040ez tax instructions See Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your credit rate. 1040ez tax instructions The maximum contribution taken into account is $2,000 per person. 1040ez tax instructions On a joint return, up to $2,000 is taken into account for each spouse. 1040ez tax instructions Figure the credit on Form 8880. 1040ez tax instructions Report the credit on line 50 of your Form 1040 or line 32 of your Form 1040A, and attach Form 8880 to your return. 1040ez tax instructions Prev Up Next Home More Online Publications
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