eligible taxpayers who make a contribution to a qualified retirement fund may cl

Question

eligible taxpayers who make a contribution to a qualified retirement fund may claim the savers credit. assume all the taxpayers described in the following scenarios meet age and income requirements, then select the response that describes a taxpayer who would not qualify for this credit. a single taxpayer employed as a teacher in a public school. she contributed to a 403(b) plan. a single taxpayer who contributed to a roth individual retirement arrangement(ira). joe who is married and files a joint return with his wife. joe and denise both contributed to their respective traditional individual retirement arrangements (iras). raj, who in addition to being a full time student, works full time and contributed to his employers 401(k) account.

Explanation / Answer

To claim a savers Credit, one must be age 18 or older and you cannot be a full-time student or be claimed as a dependent on someone else's tax return. Thus Last Option in which Raj is a full time student would not be elegible for th credit

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