Common use of Tax Credit for Contributions Clause in Contracts

Tax Credit for Contributions. You may be eligible for a tax credit for your Traditional IRA contribution if you are age 18 or older, not a dependent of another taxpayer, and not a full-time student. The maximum annual tax credit is $1,000 (unless modified by Congress). If you are eligible for the credit, it will reduce your federal income tax you owe dollar for dollar.

Tax Credit for Contributions. You may be eligible for a tax credit for your Traditional SIMPLE IRA contribution if you are age 18 or older, not a dependent of another taxpayer, and not a full-time student. The maximum annual tax credit is $1,000 (unless modified by Congress). If you are eligible for the credit, it will reduce your federal income tax you owe dollar for dollar.

Tax Credit for Contributions. You may be eligible to receive a tax credit for your IRA contributions. This credit will be allowed in addition to any tax deduction that may apply, and may not exceed $1,000 in a given year (unless modified by Congress). You may be eligible for a this tax credit for your Traditional IRA contribution if you are (a) age 18 or olderolder as of the close of the taxable year, (b) not a dependent of another taxpayer, and (c) not a full-time student. The maximum annual tax credit is $1,000 (unless modified by Congress). If you are eligible for the credit, it will reduce your federal income tax you owe dollar for dollar.

Tax Credit for Contributions. You may be eligible for a tax credit for your Traditional IRA contribution if you are age 18 or older, not a dependent of another taxpayer, and not a full-full- time student. The maximum annual tax credit is $1,000 (or up to $2,000 if married, filing jointly), unless modified by Congress). If you are eligible for the credit, it will reduce your federal income tax you owe dollar for dollar.