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Ask A CPA - Retirement Savings Credit

What Retirement Plans Qualify For The Retirement Savings Contribution Credit?

If you made (a) contributions (other than rollover contributions) to a traditional or Roth IRA, (b) elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan, (c) voluntary employee contributions to a qualified retirement plan as defined in section 4974(c) (including the federal Thrift Savings Plan), or (d) contributions to a 501(c)(18)(D) plan, you may qualify for the credit. You are not eligible for the credit if your adjusted gross income exceeds a certain amount.

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