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Saver's Tax Credit Question - Do I Qualify

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  • Saver's Tax Credit Question - Do I Qualify

    I'm in the middle of my residency and quite comfortably deferred near the max 18K of income last year to 403b which is providing a total:

    -W2 income of 37.4k.

    -Married filing jointly.

    -18k of K1 passive income from spouse's partnership position.

    -1.6k dividend income.

    -Adds up to 57k after salary deferral for things like 403b, HSA.

    -Personal Exemption x 7: 28.35k

    -Standard Deduction: 12.6k

    -Child Credit 5k


    I understand it is non-refundable, but would I qualify for a saver's tax credit?  Would it apply prior to the (refundable) child tax credits?  Thanks everyone.

  • #2
    You have 5 kids in the middle of residency?  I'll pray for you.

    If your AGI as reported is 40-62k, then as MFJ you should be eligible for a RSCC of 10% of $2,000 of each of your contributions (up to $200 each).  If only you saved, then you're capped at $200.  As you said, though, it's non-refundable, so unless you under-paid your taxes it won't affect much.

    Making that little, you might qualify for the EITC, too.