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Gail a Bob are married and file a joint tax return in 2018. They had a...

Gail a Bob are married and file a joint tax return in 2018. They had a $34,000 adjusted gross income and each deferred $2000 into their employer 401k plan. If they have a $500 income tax liability what is the amount of their retirement contribution savings credit.?

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Gail a Bob are married and file a joint tax return in 2018. They had a $34,000 adjusted gross income and each deferred $2000 into their employer 401k plan. If they have a $500 income tax liability what is the amount of their retirement contribution savings credit.?

Answer:-

Count of Amount of the credit

The measure of the credit is 50%, 20% or 10% of your retirement plan or IRA commitments up to $2,000 ($4,000 whenever wedded recording together), contingent upon your balanced gross salary (provided details regarding your Form 1040 or 1040A)

According the to rule

If Married Filing Jointly, and AGI not more than $36,500 than

Credit Rate = 50% of contribution

In this inquiry credit sum Will be = $4,000 x 50% = $2,000

please do rate my answer...……..

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