Realizing that providing for a comfortable retirement is up to them, Jim and Julie commit to making regular contributions to their IRAs, beginning this year.Consequently, each makes a $2,000 contribution to his or her traditional IRA.If their AGI is $35,000 on their joint return, what is the amount of their "saver's credit" for certain retirement plan contributions?
A)$2,000
B)$1,000
C)$400
D)$200

Question

Quizplus · Accepted Answer

The Answer of Realizing that providing for a comfortable retirement is up to them, Jim and Julie commit to making regular contributions to their IRAs, beginning this year.Consequently, each makes a $2,000 contribution to his or her traditional IRA.If their AGI is $35,000 on their joint return, what is the amount of their "saver's credit" for certain retirement plan contributions?
A)$2,000
B)$1,000
C)$400
D)$200

Realizing That Providing for a Comfortable Retirement Is Up to Them