Amy is single. During 2014, 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 for individuals with an adjusted gross income of $12,000 or less in 2014 is 50% of the amount contributed to a qualified retirement account, up to a maximum credit of $1,000 for single filers. Since Amy contributed $1,500 to a Roth IRA, 50% of that is $750, which is the maximum saver's credit she can claim.

Amy Is Single