If you were born before or on Dec 31, 1952 (and/or your spouse if filing jointly) you may take a credit of up to $450. This retirement credit is limited by the total amount of your Modified AGI, nontaxable interest income and any additions to income.
The credit will begin to phaseout when your Modified AGI exceeds certain amounts that are based off of your filing status.
You cannot carry this credit back or forward if it is more than your tax liability.
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