Asked by Nguy?n Tr?ng on May 26, 2024
Verified
The retirement savings contributions credit is available regardless of the income level of the taxpayer.
Retirement Savings Contributions Credit
A tax credit available to lower-income individuals making contributions to retirement accounts, encouraging savings.
Income Level
A measure of an individual or household's gross income before taxes and deductions.
- Explain the qualifications for the retirement savings contributions credit.
Verified Answer
KZ
Krystal ZhangJun 01, 2024
Final Answer :
False
Explanation :
The retirement savings contributions credit, also known as the saver's credit, is not available to taxpayers with higher incomes. The credit is gradually phased out as income levels increase. The exact income limits for eligibility depend on the taxpayer's filing status.
Learning Objectives
- Explain the qualifications for the retirement savings contributions credit.