00:01
Bart, a 38 -year -old single taxpayer, contributed $2 ,000 to the traditional ira.
00:08
His modified adjusted gross income is $30 ,000 all from wages.
00:16
Bart has never taken a distribution from any retirement account.
00:20
He is potentially eligible for a retirement savings contribution credit of up to what amount.
00:26
So the savings credit is based on the percentage of the individual's contribution to retirement accounts like an ira.
00:34
So if he has a modified gross income, adjusted income of $30 ,000 and he contributed $2 ,000, according to the irs guidelines for 2022, a single taxpayer like bart with an income of $30 ,000 is eligible for 10 % credit.
00:52
So 10 % of $2 ,000 would be $200.
00:59
So the correct answer is $200...