![]() ![]() “The saver’s tax credit may sound too good to be true.” In a recent survey, her organization found that less than half of U.S. ![]() “The tax benefits of saving in a tax-deferred or tax-advantaged retirement account are well-known, and it almost seems inconceivable that you can get an additional tax benefit on top of that in the form of a tax credit,” says Catherine Collinson, CEO and president of the Transamerica Center for Retirement Studies. To qualify, you just need to meet the income requirements and contribute to a 401(k), 403(b), traditional or Roth IRA, or other retirement-savings plan, even if you’re also getting a tax break for those contributions. The credit can be worth up to $1,000 for single filers and $2,000 for married couples filing jointly. The retirement saver's tax credit is one of the most frequently overlooked breaks, and many people at the beginning and end of their careers don’t realize that they qualify. ![]()
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