You cannot take the Retirement Savings Credit if either of the following applies:
- Your AGI is more than $34,000 Single ($51,000 if filing as Head of Household, $68,000 if Married Filing Jointly)
- The person(s) who made the contributions or elective deferrals was
- Born after January 1, 2005 (for the 2022 tax year)
- Is a student (see below), or
- Is being claimed as a dependent on someone else's 2022 return
Who is considered a student?
According to the IRS, "you were considered a "student" if, during any part of 5 calendar months during the tax year you either:
- Were enrolled as a full-time student at a school; or
- Took a full-time, on-farm training course given by a school or a state, county, or local government agency."
A "school" includes technical, trade, and mechanical schools. It does not include on-the-job training courses, correspondence schools, or schools offering exclusively online courses.
Note: The program will automatically calculate any applicable portion of this credit based on the entries inside your tax return. For information on who CAN take the credit click here.