Determine their credit for retirement plan contributions, Accounting Basics

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Determine their credit for retirement plan contributions

Problem

Rafael and Lucy, married taxpayers, each contribute $4,350 to their respective §401[|<) plans offered through their employers. The AGI reported on the couple's joint return is $43,500. Determine their credit for retirement plan contributions (the Saver's Credit). As a result, they may claim a credit for their retirement plan contributions.

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Accounting Basics: Determine their credit for retirement plan contributions

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