Exercise $13-22($Algorithmic$)($LO$.4)$

Rafael and Lucy, married taxpayers, each contribute $$3,500$ to their respective $401(k)$ plans offered through

their employers. The AGI reported on the couple's joint return is $$42,800.$ 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 $