Molly is single with AGI of $22,500.During the year,she contributed $900 to an IRA.What amount of retirement savings contributions credit can Molly claim?

Name: Molly is single with AGI of $22,500.During the year,she contributed $900 to an IRA.What amount of retirement savings contributions credit can Molly claim?
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Quizplus · Accepted Answer

Molly's AGI is below the phase-out threshold, so she can claim the full $1,000 credit. However, her contribution was only $900, so she can only claim a credit for the amount she contributed.

Molly Is Single with AGI of $22,500