Steve and Robin Harrington are married filing jointly taxpayers, both 61 years of age and semi-retired. Robin earns wages of $32,000 as a part-time school librarian and Steve sharpens knives as a hobby, and their 2022 AGI is $39,500. Their tax liability before any credit is $1,363. The Harringtons are not eligible for any other tax credits. Neither Harrington is active in any other income deferral plans. Because the Harringtons have limited financial needs, they also made an IRA contribution of $12,000 ($6,000 each) trying to get ready for retirement. Use the Form 8880 to determine the Harringtons Savers Credit. Enter all amounts as positive numbers. Round your answers to one decimal place, if necessary. If your answer is zero, enter "0".

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ANSWER To determine the Harringtons Savers Credit using Form 8880 well follow these steps Calculate ... View the full answer