Comments on: Retirement Saver's Tax Credit is a Great Benefit for Low Income Taxpayers

By: Jo

Jo — Thu, 05 Feb 2009 02:00:46 +0000

I’ve just begun the 2008 tax process and was very surprised to learn the Retirement Saver’s Tax Credit does not apply to students! I am a graduate student (research assistant), and my status seems alternatively classified as “employee” or “student” by my university depending on the context. With my small graduate student stipend from my university, I put some amount in a Roth IRA every month.

Can I claim “non-student” status since I earn an income from the university, in order to get the tax credit? Thank you!

By: Lois Spell

Lois Spell — Mon, 02 Feb 2009 18:28:59 +0000

I would like to know if retirement taken out with the Florida Retirement
Services for teachers can be used with the Saver’s plan?

By: Brian

Brian — Sun, 18 Jan 2009 04:59:23 +0000

another caveat you can add to the “You cannot claim the retirement saver’s tax credit if you:” You cant be a student!

That sucks

By: Money Under 30

Money Under 30 — Fri, 16 Jan 2009 20:02:10 +0000

Hey Irene, That’s a great question. I THINK that you can still claim this and your student loan interest even if your dad claims you as a dependent.

In your case, the biggest difference, again, I think, is that you don’t get as much (or any) personal exemption if somebody claims you as a dependent.

I think that’s the case—but apart from researching these articles I’m not a tax pro by any means, so if somebody knows differently please correct me.

By: irene

irene — Fri, 16 Jan 2009 19:55:00 +0000

David – does this still work if you are claimed by a parent as a dependent? I’m financially independent, but my father is claiming me for as long as he can – until my income crosses the “cannot be claimed” mark. I’d love to be able to get the credits for student loan interest and the money I contributed to my 401(k).