Chapter 27 Miscellaneous Credit

Non refundable Credits Credit for the Elderly Retirement Savings Contribution

Credit for the Elderly Schedule R – Form 1040 Line 48 Schedule 3 – 1040A Line 30 Not on 1040EZ Pub 17 – pg 225 – 228 Resource Guide – pg G-4

Limitations pg 226 Pub 17 AGI Non taxable Income Single,HH 17,5005,000 MFJ-Both 25,000 7,500 MFJ – One 20,000 5,000 MFS 12,500 3,750

Amount of Credit Let taxwise calculate the credit. 15% of amount See Schedule R

Retirement Savings Contribution Double Benefit – both this credit and deduction for IRS Contribution Form 8880 W-2 X in Box 12 Retirement gives indication of possible credit X in Box 14 indicates state contribution