Amy is single.During 2019,she determined her adjusted gross income was $12,000.During the year,Amy also contributed $1,500 to a Roth IRA.What is the maximum saver's credit she may claim for the year?

Question

Quizplus · Accepted Answer

The maximum saver's credit is 50% of the amount contributed to a retirement account, up to a certain limit based on adjusted gross income. For 2019, the limit for a single filer with an AGI of $12,000 or less is $2,000. Therefore, Amy's credit would be 50% of her contribution, which is $750 (1,500 x 0.50).

Amy Is Single