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

Rafael and Lucy, married taxpayers, each contribute $$3,650$ to their respective $401($k$)$ plans offered through their employers. The AGI reported on the couple's joint return is $$47,000.$ 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 $fill in the blank $1$

$400$