TAX TREATMENT OF XXXX XXX CONTRIBUTIONS. No Deduction. You may not take a tax deduction for Xxxx XXX contributions. Tax Credits for Contributions. You may be eligible to take a tax credit for your Xxxx XXX contribution. The maximum annual tax credit is $1,000 and, if you are eligible, the credit will reduce the federal income tax you owe dollar for dollar. You may be eligible for the tax credit if you are age 18 or older, not a dependent of another taxpayer, and not a full-time student.
Appears in 5 contracts
Samples: Roth Individual Retirement Account Custodial Agreement, Roth Individual Retirement Account Custodial Agreement, Traditional and Roth Individual Retirement Account Custodial Agreement
TAX TREATMENT OF XXXX XXX CONTRIBUTIONS. No Deduction. You may not take a tax deduction for Xxxx XXX contributions. Tax Credits for Contributions. You may be eligible to take a tax credit for your Xxxx XXX contribution. The maximum annual tax credit is $1,000 and, if you are eligible, the credit will reduce the federal income tax you owe dollar for dollar. You may be eligible for the tax credit if you are age 18 or older, not a dependent of another taxpayer, and not a full-time student, and have adjusted gross income (AGI) within any applicable limits.
Appears in 1 contract
Samples: Roth Individual Retirement Account Custodial Agreement
