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26 October, 23:38

Andrew and Eunice are married filing jointly with AGI of $48,000. They contributed $1,800 to a qualified retirement plan. How much is their retirement savings contributions credit?

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  1. 26 October, 23:41
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    retirement savings contributions credit = $180

    Explanation:

    given data

    AGI = $48,000

    contributed amount = $1,800

    solution

    we know Married taxpayer will file separate returns and they still qualify for the credit

    so here retirement savings contributions credit will be 10 % of contributed amount so it will be

    retirement savings contributions credit = 10% of $1,800

    retirement savings contributions credit = 0.10 * $1,800

    retirement savings contributions credit = $180
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