Exercise $12-22($Algorithmic$)($LO$.4)$

Rafael and Lucy, married taxpayers, each contribute $$3,600$ to their respective $401(k)$ plans offered through their employers. The AGI

reported on the couple's joint return is $$54,900.$ 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 $