Who is eligible to claim the Retirement Savings Contribution Credit?

You may be able to take this credit if you, or your spouse if filing jointly, made

(a) contributions (other than rollover contributions) to a traditional or Roth IRA;

(b) elective deferrals to a 401(k), 403(b), governmental 457(b), SEP, SIMPLE, or to the federal Thrift Savings Plan (TSP);

(c) voluntary employee contributions to a qualified retirement plan, as defined in section 4974(c) (including the federal TSP);

(d) contributions to a 501(c)(18)(D) plan; or

(e) contributions, as a designated beneficiary of an ABLE account, to the ABLE account, as defined in section 529A.

However, you can’t take the credit if either of the following applies.

• The amount on Form 1040, 1040-SR, or 1040-NR, line 11, is more than $33,000 ($49,500 if head of household; $66,000 if married filing jointly).

• The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 2004; (b) is claimed as a dependent on someone else’s 2021 tax return; or (c) was a student.