Skip to content
New issue

Have a question about this project? Sign up for a free GitHub account to open an issue and contact its maintainers and the community.

Sign up for GitHub

By clicking “Sign up for GitHub”, you agree to our terms of service and privacy statement. We’ll occasionally send you account related emails.

Already on GitHub? Sign in to your account

Saver's Credit #4015

Closed
wants to merge 21 commits into from
Closed

Saver's Credit #4015

Show file tree
Hide file tree
Changes from 8 commits
Commits
Show all changes
21 commits
Select commit Hold shift + click to select a range
db1a3f1
Saver's Credit
DianaShi5083 Feb 28, 2024
4776b74
Merge branch 'master' of https://github.com/PolicyEngine/policyengine…
DianaShi5083 Mar 6, 2024
0281b95
Adjustment
DianaShi5083 Mar 6, 2024
c47b170
Adjustment
DianaShi5083 Mar 11, 2024
f61e260
Merge branch 'master' of https://github.com/PolicyEngine/policyengine…
DianaShi5083 Mar 12, 2024
5964005
Adjustments
DianaShi5083 Mar 12, 2024
a6aa757
Adjustments
DianaShi5083 Mar 18, 2024
07ddb32
Solved merge conflicts
DianaShi5083 Mar 18, 2024
583aef2
Merge branch 'master' of https://github.com/PolicyEngine/policyengine…
DianaShi5083 Mar 25, 2024
e9c8fe4
Adjusted savers credit logic
DianaShi5083 Mar 25, 2024
e27fc51
Adjustments
DianaShi5083 Apr 1, 2024
7335186
Merge branch 'master' of https://github.com/PolicyEngine/policyengine…
DianaShi5083 Apr 1, 2024
1042c60
Merge branch 'master' of https://github.com/PolicyEngine/policyengine…
DianaShi5083 Apr 8, 2024
a421a25
Adjustments
DianaShi5083 Apr 8, 2024
5fdd1d4
format
PavelMakarchuk Apr 8, 2024
359f2cd
Name Changing, Widow
DianaShi5083 Apr 9, 2024
622919c
Merge branch 'master' of https://github.com/PolicyEngine/policyengine…
PavelMakarchuk Apr 28, 2024
e6c8acf
parameter format
PavelMakarchuk Apr 28, 2024
201abad
variable and test adjustment
PavelMakarchuk Apr 29, 2024
417dd50
format
PavelMakarchuk Apr 29, 2024
1555aa3
minor par
PavelMakarchuk Apr 30, 2024
File filter

Filter by extension

Filter by extension
Conversations
Failed to load comments.
Loading
Jump to
Jump to file
Failed to load files.
Loading
Diff view
Diff view
4 changes: 4 additions & 0 deletions changelog_entry.yaml
View file
Open in desktop
Original file line number Diff line number Diff line change
@@ -0,0 +1,4 @@
- bump: minor
changes:
added:
- Retirement Savings Contributions Credit (Saver’s Credit)
PavelMakarchuk marked this conversation as resolved.
Show resolved Hide resolved
16 changes: 16 additions & 0 deletions policyengine_us/parameters/gov/irs/credits/retirement_saving/contributions_cap.yaml
View file
Open in desktop
Original file line number Diff line number Diff line change
@@ -0,0 +1,16 @@
description: The IRS caps the saver's credit at the following amount.
values:
2019-01-01: 2_000
metadata:
unit: currency-USD
period: year
label: Retirement Savings Contributions Credit (Saver’s Credit) contributions cap
PavelMakarchuk marked this conversation as resolved.
Show resolved Hide resolved
reference:
- title: 26 U.S. Code § 25B(a)
href: https://www.law.cornell.edu/uscode/text/26/25B
- title: IRS | Retirement Savings Contributions Credit (Saver’s Credit)
href: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
- title: 2022 Publication 590-A
href: https://www.irs.gov/pub/irs-pdf/p590a.pdf#page=45
- title: Form 8880 - 2023 Credit for Qualified Retirement Savings Contributions
href: https://www.irs.gov/pub/irs-pdf/f8880.pdf#page=1
45 changes: 45 additions & 0 deletions policyengine_us/parameters/gov/irs/credits/retirement_saving/rate/head_of_household.yaml
View file
Open in desktop
PavelMakarchuk marked this conversation as resolved.
Show resolved Hide resolved
Copy link
Collaborator

Choose a reason for hiding this comment

The reason will be displayed to describe this comment to others. Learn more.

need to make some adjustments:
Create 2 match files
head of household (75%)
other (50%)

break the joint.yaml into 3 threshold and 3 rate files
upper
middle
lower

in the calculation when checking which rate is applied we will need to decrease the threshold based on filing status, if not joint

Original file line number Diff line number Diff line change
@@ -0,0 +1,45 @@
description: IRS multiplies the qualified contributions by the following rate for head of household filers, based on adjusted gross income under the savor's credit.
metadata:
threshold_unit: currency_USD
amount_unit: /1
period: year
type: single_amount
label: Retirement Savings Contributions Credit (Saver’s Credit) head of household rate
reference:
- title: 26 U.S. Code § 25B(b)(1)
href: https://www.law.cornell.edu/uscode/text/26/25B
- title: IRS | Retirement Savings Contributions Credit (Saver’s Credit)
href: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
- title: 2022 Publication 590-A
href: https://www.irs.gov/pub/irs-pdf/p590a.pdf#page=45
- title: Form 8880 - 2023 Credit for Qualified Retirement Savings Contributions
PavelMakarchuk marked this conversation as resolved.
Show resolved Hide resolved
href: https://www.irs.gov/pub/irs-pdf/f8880.pdf#page=1
brackets:
- threshold:
2019-01-01: 0
amount:
2019-01-01: 0.5
- threshold:
2019-01-01: 28_876
2020-01-01: 29_251
2021-01-01: 29_626
2022-01-01: 20_501
2023-01-01: 32_626
PavelMakarchuk marked this conversation as resolved.
Show resolved Hide resolved
amount:
2019-01-01: 0.2
- threshold:
2019-01-01: 31_126
2020-01-01: 31_876
2021-01-01: 32_251
2022-01-01: 22_001
2023-01-01: 35_626
amount:
2019-01-01: 0.1
- threshold:
2019-01-01: 48_001
2020-01-01: 48_751
2021-01-01: 49_501
2022-01-01: 34_001
2023-01-01: 54_751
amount:
2019-01-01: 0
45 changes: 45 additions & 0 deletions policyengine_us/parameters/gov/irs/credits/retirement_saving/rate/joint.yaml
View file
Open in desktop
Original file line number Diff line number Diff line change
@@ -0,0 +1,45 @@
description: IRS multiplies the qualified contributions by the following rate for joint filers, based on adjusted gross income under the savor's credit.
metadata:
threshold_unit: currency_USD
amount_unit: /1
period: year
type: single_amount
label: Retirement Savings Contributions Credit (Saver’s Credit) joint rate
reference:
- title: 26 U.S. Code § 25B(b)(1)
href: https://www.law.cornell.edu/uscode/text/26/25B
PavelMakarchuk marked this conversation as resolved.
Show resolved Hide resolved
- title: IRS | Retirement Savings Contributions Credit (Saver’s Credit)
href: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
- title: 2022 Publication 590-A
href: https://www.irs.gov/pub/irs-pdf/p590a.pdf#page=45
- title: Form 8880 - 2023 Credit for Qualified Retirement Savings Contributions
href: https://www.irs.gov/pub/irs-pdf/f8880.pdf#page=1
brackets:
- threshold:
2019-01-01: 0
amount:
2019-01-01: 0.5
- threshold:
2019-01-01: 38_501
2020-01-01: 39_001
2021-01-01: 39_501
2022-01-01: 41_001
2023-01-01: 43_501
amount:
2019-01-01: 0.2
- threshold:
2019-01-01: 41_501
2020-01-01: 42_501
2021-01-01: 43_001
2022-01-01: 44_001
2023-01-01: 47_501
amount:
2019-01-01: 0.1
- threshold:
2019-01-01: 64_001
2020-01-01: 65_001
2021-01-01: 66_001
2022-01-01: 68_001
2023-01-01: 73_001
amount:
2019-01-01: 0
45 changes: 45 additions & 0 deletions policyengine_us/parameters/gov/irs/credits/retirement_saving/rate/separate.yaml
View file
Open in desktop
Original file line number Diff line number Diff line change
@@ -0,0 +1,45 @@
description: IRS multiplies the qualified contributions by the following rate for separate filers, based on adjusted gross income under the savor's credit.
metadata:
threshold_unit: currency_USD
amount_unit: /1
period: year
type: single_amount
label: Retirement Savings Contributions Credit (Saver’s Credit) separate rate
reference:
- title: 26 U.S. Code § 25B(b)(1)
href: https://www.law.cornell.edu/uscode/text/26/25B
- title: IRS | Retirement Savings Contributions Credit (Saver’s Credit)
href: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
- title: 2022 Publication 590-A
href: https://www.irs.gov/pub/irs-pdf/p590a.pdf#page=45
- title: Form 8880 - 2023 Credit for Qualified Retirement Savings Contributions
href: https://www.irs.gov/pub/irs-pdf/f8880.pdf#page=1
brackets:
- threshold:
2019-01-01: 0
amount:
2019-01-01: 0.5
- threshold:
2019-01-01: 19_251
2020-01-01: 19_501
2021-01-01: 19_751
2022-01-01: 20_501
2023-01-01: 21_751
amount:
2019-01-01: 0.2
- threshold:
2019-01-01: 20_751
2020-01-01: 21_251
2021-01-01: 21_501
2022-01-01: 22_001
2023-01-01: 23_751
amount:
2019-01-01: 0.1
- threshold:
2019-01-01: 32_001
2020-01-01: 32_501
2021-01-01: 33_001
2022-01-01: 34_001
2023-01-01: 35_501
amount:
2019-01-01: 0
46 changes: 46 additions & 0 deletions policyengine_us/parameters/gov/irs/credits/retirement_saving/rate/single.yaml
View file
Open in desktop
Original file line number Diff line number Diff line change
@@ -0,0 +1,46 @@
description: IRS multiplies the qualified contributions by the following rate for single filers, based on adjusted gross income under the savor's credit.

metadata:
threshold_unit: currency_USD
amount_unit: /1
period: year
type: single_amount
label: Retirement Savings Contributions Credit (Saver’s Credit) single rate
reference:
- title: 26 U.S. Code § 25B(b)(1)
href: https://www.law.cornell.edu/uscode/text/26/25B
- title: IRS | Retirement Savings Contributions Credit (Saver’s Credit)
href: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
- title: 2022 Publication 590-A
href: https://www.irs.gov/pub/irs-pdf/p590a.pdf#page=45
- title: Form 8880 - 2023 Credit for Qualified Retirement Savings Contributions
href: https://www.irs.gov/pub/irs-pdf/f8880.pdf#page=1
brackets:
- threshold:
2019-01-01: 0
amount:
2019-01-01: 0.5
- threshold:
2019-01-01: 19_251
2020-01-01: 19_501
2021-01-01: 19_751
2022-01-01: 20_501
2023-01-01: 21_751
amount:
2019-01-01: 0.2
- threshold:
2019-01-01: 20_751
2020-01-01: 21_251
2021-01-01: 21_501
2022-01-01: 22_001
2023-01-01: 23_751
amount:
2019-01-01: 0.1
- threshold:
2019-01-01: 32_001
2020-01-01: 32_501
2021-01-01: 33_001
2022-01-01: 34_001
2023-01-01: 36_501
amount:
2019-01-01: 0
45 changes: 45 additions & 0 deletions policyengine_us/parameters/gov/irs/credits/retirement_saving/rate/widow.yaml
View file
Open in desktop
Original file line number Diff line number Diff line change
@@ -0,0 +1,45 @@
description: IRS multiplies the qualified contributions by the following rate for widow filers, based on adjusted gross income under the savor's credit.
metadata:
threshold_unit: currency_USD
amount_unit: /1
period: year
type: single_amount
label: Retirement Savings Contributions Credit (Saver’s Credit) widow rate
reference:
- title: 26 U.S. Code § 25B(b)(1)
href: https://www.law.cornell.edu/uscode/text/26/25B
- title: IRS | Retirement Savings Contributions Credit (Saver’s Credit)
href: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
- title: 2022 Publication 590-A
href: https://www.irs.gov/pub/irs-pdf/p590a.pdf#page=45
- title: Form 8880 - 2023 Credit for Qualified Retirement Savings Contributions
href: https://www.irs.gov/pub/irs-pdf/f8880.pdf#page=1
brackets:
- threshold:
2019-01-01: 0
amount:
2019-01-01: 0.5
- threshold:
2019-01-01: 19_251
2020-01-01: 19_501
2021-01-01: 19_751
2022-01-01: 20_501
2023-01-01: 21_751
amount:
2019-01-01: 0.2
- threshold:
2019-01-01: 20_751
2020-01-01: 21_251
2021-01-01: 21_501
2022-01-01: 22_001
2023-01-01: 23_751
amount:
2019-01-01: 0.1
- threshold:
2019-01-01: 32_001
2020-01-01: 32_501
2021-01-01: 33_001
2022-01-01: 34_001
2023-01-01: 35_501
amount:
2019-01-01: 0
16 changes: 16 additions & 0 deletions policyengine_us/parameters/gov/irs/credits/retirement_saving/threshold/age.yaml
View file
Open in desktop
Original file line number Diff line number Diff line change
@@ -0,0 +1,16 @@
description: The IRS limits the saver's credit to taxpayers over and equal to following age threshold.
values:
2019-01-01: 18
metadata:
unit: year
period: year
label: Retirement Savings Contributions Credit (Saver’s Credit) age threshold
reference:
- title: 26 U.S. Code § 25B(c)(1)
href: https://www.law.cornell.edu/uscode/text/26/25B
- title: IRS | Retirement Savings Contributions Credit (Saver’s Credit)
href: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
- title: 2022 Publication 590-A
href: https://www.irs.gov/pub/irs-pdf/p590a.pdf#page=45
- title: Form 8880 - 2023 Credit for Qualified Retirement Savings Contributions
href: https://www.irs.gov/pub/irs-pdf/f8880.pdf#page=1
51 changes: 51 additions & 0 deletions policyengine_us/parameters/gov/irs/credits/retirement_saving/threshold/agi.yaml
View file
Open in desktop
PavelMakarchuk marked this conversation as resolved.
Show resolved Hide resolved
Original file line number Diff line number Diff line change
@@ -0,0 +1,51 @@
description: The IRS limits the saver's credit to taxpayers with adjusted gross income below or equal to this, based on filing status.
metadata:
unit: currency-USD
period: year
label: Retirement Savings Contributions Credit (Saver’s Credit) AGI threshold
breakdown:
- filing_status
reference:
- title: 26 U.S. Code § 25B(c)(1)
href: https://www.law.cornell.edu/uscode/text/26/25B
- title: IRS | Retirement Savings Contributions Credit (Saver’s Credit)
href: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
- title: 2022 Publication 590-A
href: https://www.irs.gov/pub/irs-pdf/p590a.pdf#page=45
- title: Form 8880 - 2023 Credit for Qualified Retirement Savings Contributions
href: https://www.irs.gov/pub/irs-pdf/f8880.pdf#page=1
JOINT:
2019-01-01: 64_000
2020-01-01: 65_000
2021-01-01: 66_000
2022-01-01: 68_000
2023-01-01: 73_000
DianaShi5083 marked this conversation as resolved.
Show resolved Hide resolved
2024-01-01: 76_500
SINGLE:
2019-01-01: 32_000
2020-01-01: 32_500
2021-01-01: 33_000
2022-01-01: 34_000
2023-01-01: 35_500
2024-01-01: 38_250
SEPARATE:
2019-01-01: 32_000
2020-01-01: 32_500
2021-01-01: 33_000
2022-01-01: 34_000
2023-01-01: 35_500
2024-01-01: 38_250
HEAD_OF_HOUSEHOLD:
2019-01-01: 48_000
2020-01-01: 48_750
2021-01-01: 49_500
2022-01-01: 34_000
2023-01-01: 54_750
2024-01-01: 57_375
WIDOW:
2019-01-01: 32_000
2020-01-01: 32_500
2021-01-01: 33_000
2022-01-01: 34_000
2023-01-01: 35_500
2024-01-01: 38_250
15 changes: 15 additions & 0 deletions ...sts/policy/baseline/gov/irs/credits/retirement_saving/retirement_saving_agi_eligible.yaml
View file
Open in desktop
Original file line number Diff line number Diff line change
@@ -0,0 +1,15 @@
- name: not agi eligible - single
period: 2023
input:
adjusted_gross_income: 40_000
filing_status: SINGLE
output:
savers_credit_agi_eligible: false

- name: agi eligible - head of household
period: 2023
input:
adjusted_gross_income: 50_000
filing_status: HEAD_OF_HOUSEHOLD
output:
savers_credit_agi_eligible: true
Loading
Loading