Tax Credit Consulting: Retirement Savers Contribution Tewksbury MA
Ames Pond Tax & Financial Planning
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North Chelmsford, MA
Tax Credit Consulting: Retirement Savers Contribution
Retirement Savers Contribution Tax Credit
It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering the retirement savers contribution tax credit to change this for some of us.
Social security is going to be under siege as baby boomers hit retirements. Fortunately, many baby boomers have put away piles of cash in 401ks and IRAs. Regardless, most people fail to do all they can in this regard. In an attempt to motivate us taxpayers to save as much as we can for retirement, Uncle Sam is dangling tax credits before us like the proverbial carrot.
The tax credit in question is the Retirement Savings Contributions Credit. Qualify for it and you may be eligible to take a credit of $1,000 for singles and $2,000 if you're filing jointly. The credit is eligible for those that make contributions to 401ks and retirement vehicles. The amount of the credit is determined on a sliding scale based on how much you make and contribute.
You can claim the retirement savings tax credit:
1. Individual taxpayers with incomes of $25,000 or less.
2. Individual taxpayers that are head of households and make $37,500 or less.
3. Married couples filing jointly who make $50,000 or less cumulatively.
There are some very minor restrictions regarding who is eligible for the tax credit. First, you have to be older than 18. Second, you can't be a full time student. Finally, another dependent can't claim you as a depe...