We recommend that you check with your financial adviser or tax professional. However, for 2013 if you voluntarily contribute to a 401(k), 403(b), SIMPLE, SARSEP, government 457(b) plan or a traditional or Roth IRA and your modified adjusted gross income (MAGI) is less than $59,000 (filing jointly), you may be able to use all or part of the credit.
Depending on your MAGI, your filing status and other factors, you can claim as much as 10%, 20% or even 50% of your eligible contributions on your taxes. The maximum credit amount is $1,000 for single filers, heads of household, qualifying widowers and married couples who file separately. If you’re married and file jointly, the maximum credit is $2,000.
Use this chart to help determine how much credit you can take.