Rafael and Lucy, married taxpayers, each contribute $4,400 to their respective 401(k) plans offered through...

 

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Rafael and Lucy, 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 $49,500. Determine their credit for retirement plan contributions (the Saver's Credit). access the "Saver's" Credit Rate and AGI Thresholds Table. As a result, they may claim a credit for their retirement plan contributions of $ Exhibit 13.6 "Saver's" Credit Rate and AGI Thresholds (2022) Joint Return Over $0 41,000 44,000 68,000 Not Over $41,000 44,000 68,000 Head of Household Over Not Over $0 30,750 33,000 51,000 $30,750 33,000 51,000 All Others Over $0 20,500 22,000 34,000 Not Over $20,500 22,000 34,000 Applicable Percentage 50% 20% 10% 0% Rafael and Lucy, 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 $49,500. Determine their credit for retirement plan contributions (the Saver's Credit). access the "Saver's" Credit Rate and AGI Thresholds Table. As a result, they may claim a credit for their retirement plan contributions of $ Exhibit 13.6 "Saver's" Credit Rate and AGI Thresholds (2022) Joint Return Over $0 41,000 44,000 68,000 Not Over $41,000 44,000 68,000 Head of Household Over Not Over $0 30,750 33,000 51,000 $30,750 33,000 51,000 All Others Over $0 20,500 22,000 34,000 Not Over $20,500 22,000 34,000 Applicable Percentage 50% 20% 10% 0%

Answer rating: 100% (QA)

To determine Rafael and Lucys credit for retirement plan contributions Savers Credit we need to refe... View the full answer