Retirement Savings Contributions Credit (Saver’s Credit)

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

1. contributions to a traditional or Roth IRA;
2. elective deferrals to a 401(k) or 403(b) plan (including designated Roth contributions) or to a governmental 457, SEP, or SIMPLE plan;
3. voluntary employee contributions to a qualified retirement plan (including the federal Thrift Savings Plan); or
4. contributions to a 501(c)(18)(D) plan.

However, you cannot take the credit if either of the following applies.

1. The amount on Form 1040, line 38, is more than $26,500 ($39,750 if head of household; $53,000 if married filing jointly).
2. The person(s) who made the qualified contribution or elective deferral
1. was born after January 1, 1991,
2. is claimed as a dependent on someone else’s 2008 tax return, or
3. was a student (defined below).

You were a student if during any part of 5 calendar months of 2008 you:

• Were enrolled as a full-time student at a school, or
• Took a full-time, on-farm training course given by a school or a state, county, or local government agency.

A school includes a technical, trade, or mechanical school. It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet.