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Exercise $13-22($Algorithmic$)($LO$.4)$

Rafael and Lucy, married taxpayers, each contribute $$3,800$ to their respective $401(k)$ plans offered through their employers. The AGI

$=$ certento

reported on the couple's joint return is $$42,500.$ Determine their credit for retirement plan contributions $($the Saver's Credit$).$

Click here to access the "Saver's" Credit Rate and AGI Thresholds Table.

As a result, they may claim a credit for their retirement plan contributions of :