Credit for Retirement Savings Contributions
If you make eligible contributions to an employer-sponsored retirement plan or to an IRA, you may be able to take a tax credit. The Savers Credit (previously the Retirement Savings Contributions Credit), applies as follows:
Single with income up to $26,500
Head of Household with income up to $39,750
Married Filing Jointly, with incomes up to $53,000
To receive the credit you must be 18 or older, not a full-time student and cannot be claimed as a dependent on another taxpayer's return. If you qualify you may be able to take a credit of up to $1,000 or up to $2,000 if filing jointly. The credit is a percentage of the qualifying contribution amount.
Single with income up to $26,500
Head of Household with income up to $39,750
Married Filing Jointly, with incomes up to $53,000
To receive the credit you must be 18 or older, not a full-time student and cannot be claimed as a dependent on another taxpayer's return. If you qualify you may be able to take a credit of up to $1,000 or up to $2,000 if filing jointly. The credit is a percentage of the qualifying contribution amount.
posted by All of us at TRKM at 6/10/2009
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