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.

Advertisements
This entry was posted in Taxes. Bookmark the permalink.