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Asked 2/22/2010
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Tax credit for 401K contributions If we are filing married joint return, both has 401 taken out. One of us went to a state college part time in 2009. We made $35,000 total. Can we take the tax credit? |
Answer 1/2 - Submitted 6/15/2010
The Tax Credit for your 401(k) Contributions (also known affectionately as the "Saver's Credit") is available to you for the following reasons:
1) The Married Filing Jointly Income limit is $55,500;
2) Neither of you were a FULL-time student in 2009;
3) Both of you were at least 18 on 1-1-2010 (assumption), and;
4) You did not take any Distributions from either of your 401(k) Plans (assumption) during the period 1-1-2008 to 4-15-2010 (see note below).
Note below: The period of time mentioned will be stretched out to 10-15-2010 if you filed an Extension to file your 2009 Tax Return.
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