What is the eligible Retirement Savings Contributions Credit for a couple married filing jointly with an income of $46,000 and qualifying retirement contributions?

To determine the eligible Retirement Savings Contributions Credit (commonly known as the Saver's Credit), it's important to understand how the income thresholds and contribution amounts interact with the tax credit structure.

For the tax year in question, the Saver's Credit is available to individuals who make qualifying contributions to retirement accounts, subject to certain income limits. Since the couple is married filing jointly and their adjusted gross income (AGI) is $46,000, they fall within the eligible income range to receive this credit.

The credit is calculated based on a percentage of the contributions made to eligible retirement accounts. For married couples filing jointly, the maximum contribution amount that can qualify for the credit is $2,000 per person. Therefore, if both individuals contributed at least $2,000 each to their retirement accounts, the total eligible contribution would be $4,000.

The credit is tiered based on AGI levels. Given their income of $46,000, they may qualify for a credit of 20% of their contributions since they are above lower income thresholds but below higher cutoff points.

Calculating the credit, if they have made a total contribution of $4,000, the credit would be 20% of that amount, yielding a credit of $