Depending on their level of income,low- and moderate-income taxpayers can claim a maximum nonrefundable ____ retirement savings contribution credit.

Question

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The correct answer is $1,000. The Retirement Savings Contributions Credit, also known as the Saver's Credit, is designed to encourage low- and moderate-income taxpayers to make contributions to their retirement accounts. The maximum credit amount is $1,000 for single filers and $2,000 for married couples filing jointly.

Depending on Their Level of Income,low- and Moderate-Income Taxpayers Can