If you (and/or your spouse, if filing jointly) were born on or before Dec. 31, 1952, you may take a retirement credit of up to $450. Complete the Retirement Credit Worksheet, below, to calculate the credit.
You may not claim this credit if you (or your spouse, if filing jointly) claim either the Social Security Benefits Credit (code AH) or the Military Retirement Credit (code AJ).
| Retirement Credit Worksheet | |
|---|---|
| 1. If only you or only your spouse is taking this credit, enter 450. If both you and your spouse are taking this credit, enter 900. | 1. |
| 2. Enter the amount from TC-40, line 6 (Total income) | 2. |
| 3. Enter municipal bond interest from TC-40, Schedule A, Part 1, code 57 | 3. |
| 4. Line 2 minus line 3 | 4. |
| 5. Enter tax exempt interest from federal form 1040 or 1040-SR, line 2a | 5. |
| 6. Modified Adjusted Gross Income, add lines 4 and 5 | 6. |
7. Enter:
|
7. |
| 8. Line 6 minus line 7 (not less than zero) | 8. |
| 9. Multiply line 8 by 0.025 | 9. |
| 10. Retirement Credit Subtract line 9 from line 1 (not less than zero). |
10. |
Note: Because the maximum amount of this credit is $450 per individual, you (and/or your spouse) may qualify for a larger credit by taking the Social Security Benefits Credit (code AH) or the Military Retirement Credit (code (AJ).
If you (and/or your spouse) claim this credit, enter the total amount on TC-40A, Part 3, using code 18. Also enter your (and/or your spouse’s) birthdate(s).
Note: You may not carry forward or back any retirement credit that is more than your tax liability.