Amy is single.During 2017,she determined her adjusted gross income was $12,000.During the year,Amy also contributed $2,500 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 for an individual with an adjusted gross income of $12,000 and a contribution of $2,500 to a Roth IRA is 20% of $2,000, which is the maximum contribution limit for the saver's credit calculation. Therefore, the maximum saver's credit Amy may claim for the year is $400 ($2,000 x 20%).

Amy Is Single