February 26, 2014 Admin | February 26, 2014 What is the saver’s tax credit and who has the ability to use it?
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The Saver’s Tax Credit rewards low and moderate income taxpayers who need more help saving for retirement. If you qualify, it gives you a federal income tax credit on your federal income tax return – just for investing for retirement through your IRA, 403(b), 457 and/or 401 plan. Your eligibility depends on two things: your filing status and your modified adjusted gross income. The Saver’s Tax Credit is a non-refundable income tax credit that could reduce your federal income tax liability to $0.
The Saver’s Tax Credit is a non-refundable income tax credit that could reduce your federal income tax liability to $0. Your eligibility depends on two things: your filing status and your modified adjusted gross income. If you invest in to a qualifying investment, You can get 50% back on your first $2000 invested if you make less than 36,000 and file jointly, or make less than 18,000 filing alone, you can get 20% of your first 2000 invested if you make less than 39000 and file jointly or 19500 single, and 10% back if you make less than 60000 filing jointly and 30000 filing single.
The last part is 10% back on the first 2000 also, not the total
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The Saver’s Tax Credit is a great deal if you qualify. To qualify you must not have been a full time student over the last calendar year, a dependent on someone else’s tax return and your income level must be under the numbers Garrett mentioned.
If you qualify you MUST take advantage of this. The government is reducing your taxes dollar for dollar so you will save for your retirement. Winner, winner, chicken dinner! You can learn more on this topic by going here: https://www.nrsforu.com/iApp/tcm/nrsforu/learning/library/SaversTaxCreditLimits.jsp