Rafael and Lucy, married taxpayers, each contribute $3,250 to their respective § 401(k) plans offered through their employers. The AGI reported on the couple's joint return is $38,900. Determine their credit for retirement plan contributions (the Saver's Credit). Click here to access the "Saver's" Credit Rate and AGI Thresholds Table. As a result, they may claim a credit for their retirement plan contributions of $ 770 X.

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 20CE
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Rafael and Lucy, married taxpayers, each contribute $3,250 to their respective § 401(k) plans offered through their employers. The AGI
reported on the couple's joint return is $38,900. Determine their credit for retirement plan contributions (the Saver's Credit).
Click here to access the "Saver's" Credit Rate and AGI Thresholds Table.
As a result, they may claim a credit for their retirement plan contributions of $
770 X.
Transcribed Image Text:Rafael and Lucy, married taxpayers, each contribute $3,250 to their respective § 401(k) plans offered through their employers. The AGI reported on the couple's joint return is $38,900. Determine their credit for retirement plan contributions (the Saver's Credit). Click here to access the "Saver's" Credit Rate and AGI Thresholds Table. As a result, they may claim a credit for their retirement plan contributions of $ 770 X.
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