Tax Credit: the Saver’s Credit

Did you know that you can get a tax credit for putting money away for your retirement?  You need to meet some requirements first, though (for 2010).

  1. Income limits: Single, Married and Filing Separately, and Qualified Widow(er): $27,750, Head of Household: $41,625, Married and Filing Jointly; $55,500
  2. Eligibility requirements: born before January 2, 1992, you cannot have been a full-time student during the calendar year, and cannot be claimed as a dependent on someone else’s return

The credit is pretty substantial, especially if you’ve saved quite a bit while earning little money.  You can get all the details at the IRS’s Website’s dedicated page, along with links to the appropriate forms.

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