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In this presentation we will discuss retirement savings contribution credit for more information about this topic see the discussion below which will have links to relevant information within it including a link to publication 590 a where much of this information can be found in this presentation we will discuss contributions credits we're going to go over what is new and and introduction this information can be found in publication 590 row a we're gonna start off with what is new it's often good to start off with what is new because even if we're not familiar with the topic we may have some idea of it and we want to make sure that whatever concepts we have that is in our head that we unlearn any of the changes that are there because that could be the most difficult to think to do so we'll start off with the new items and then we'll go into the introduction what it is as of now as of this point in time so start now what's new modified AGI or adjusted gross income limit to for retirement savings contribution credits have increased so this is going to be typically over over the years obviously the AGI limits are going to be a kind of our income type of limits modified AGI is going to be some modification to them or typically starting with if we consider our form 1040 in our mock 1040 then the AGI is on line 7 and remember that anytime we see this modified AGI we're basically taking the amount on line 7 and modifying it for something specific to the item that we're talking about here oftentimes be in situations that are a bit more unusual that we need some type of modification and therefore considering mainly and line 7 the line 7 is different than line 6 which is the taxable income by those above the line type of deductions or those scheduled one type of deductions so claim the retirement savings contributions credit if your modified AGI isn't more than 63,000 if your filing status is married filing jointly so 63,000 marry filing jointly fairly low for married filing joint requirement for the credit 47,000 250 if your filing status is head of household so you have to qualify for a head of household not married and qualifying for a head of household and then 31,500 if your filing status is single married filing separate or qualified widow widower so notice there is a distinction then between head of household which has a slightly higher and the single filing status and then of course as would be expected the married filing status has a higher AGI limitation introduction you may be able to take a tax credit if you make eligible contributions defined later to a qualified retirement plan an eligible deferred compensation plan or an IRA you may be able to take a credit up to one thousand up to two thousand.