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Chapter 27

Chapter 27. Miscellaneous Credit. Non refundable Credits. Credit for the Elderly Retirement Savings Contribution. Credit for the Elderly. Schedule R – Form 1040 Line 48 Schedule 3 – 1040A Line 30 Not on 1040EZ Pub 17 – pg 225 – 228 Resource Guide – pg G-4. Limitations pg 226 Pub 17.

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Chapter 27

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  1. Chapter 27 Miscellaneous Credit

  2. Non refundable Credits • Credit for the Elderly • Retirement Savings Contribution

  3. Credit for the Elderly • Schedule R – Form 1040 Line 48 • Schedule 3 – 1040A Line 30 • Not on 1040EZ • Pub 17 – pg 225 – 228 • Resource Guide – pg G-4

  4. Limitations pg 226 Pub 17 • AGI Non taxable Income • Single,HH 17,500 5,000 • MFJ-Both 25,000 7,500 • MFJ – One 20,000 5,000 • MFS 12,500 3,750

  5. Amount of Credit • Let taxwise calculate the credit. • 15% of amount • See Schedule R

  6. Retirement Savings Contribution • Double Benefit – both this credit and deduction for IRS Contribution • Form 8880 • W-2 X in Box 12 Retirement gives indication of possible credit • X in Box 14 indicates state contribution

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