Question
Penny is 57 years old and she participates in her employer's 401(k) plan. During the year, she contributed $2,000 to her 401(k) account. Penny's AGI
Penny is 57 years old and she participates in her employer's 401(k) plan. During the year, she contributed $2,000 to her 401(k) account. Penny's AGI is $36,000 after deducting her 401(k) contribution. What is Penny's saver's credit in each of the following alternative scenarios? (Use Exhibit 13-8)
Note: Leave no answer blank. Enter zero if applicable.
a. Penny is not married and has no dependents.
Saver's Credit amount?
b. Penny files as a head of household and has three dependents.
Saver's Credit amount?
c. Penny files as a head of household and has one dependent.
Saver's Credit amount?
d. Penny is married and files a joint return with her spouse. They have three dependents.
Saver's Credit amount?
e. Penny files a separate tax return from her husband. She claims two dependent children on her return.
Saver's Credit amount?
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