Question: not sure why this is wrong Exercise 12-17 (Algorithmic) (LO. 4) Rafael and Lucy Gonzalez, married taxpayers, each contribute $4,400 to their respective 401(k) plans

Exercise 12-17 (Algorithmic) (LO. 4) Rafael and Lucy Gonzalez, married taxpayers, each contribute $4,400 to their respective 401(k) plans offered through their employers. The AGI reported on the couple's joint return is $41,600. 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 ciaim a credit for their retirement plan contributions of $ x Feecoack F Chod My Work Taxpayers may claim a nonrefundable credit for certain retirement plan contributions based on eligible contributions to certain qualifiec retirement plans, such as traditional and Roth IRAs and 5.401(k) plans. "Saver's" Credit Rate and AGI Thresholds (2020)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
