Which of the account contributions qualify for the retirement savings contributions credit?
A)IRA.
B)401(k).
C)SEP.
D)All of these qualify.

Question

Quizplus · Accepted Answer

All of the mentioned account contributions - IRA, 401(k), and SEP - qualify for the retirement savings contributions credit. This credit is meant to incentivize low- to moderate-income individuals to save for retirement by offering a tax credit worth up to $2,000, depending on income and contribution levels. Therefore, if you are eligible for this credit, contributing to any of these accounts can potentially reduce your tax bill and increase your retirement savings.

Which of the Account Contributions Qualify for the Retirement Savings