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Tax Credit For Saving

February 10th, 2014 at 06:27 pm

Make sure if you qualify you take the Saver's Credit, which can increase your refund or decrease the amount you owe. If you didn't save for retirement last year...make sure you do this year!! Smile

Here's a chart I found on the IRS website. You can get more details about the chart and the rules http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employ....

We didn't qualify this year because our AGI is too high. If I'm looking at this correctly, we could actually save in Traditional IRAs rather than Roth's and possibly qualify. I'm not sure that its worth it being in the 15% income tax bracket. I'll have to run the numbers for this coming year.

Did you qualify and take the Saver's Credit on your tax return? Were you aware of this tax benefit for saving?

5 Responses to “Tax Credit For Saving”

  1. Riverbendgirl Says:

    Thank you so much for posting this. I was to even aware of this!

  2. creditcardfree Says:

    You are welcome! This is probably one of those 'billions' that HR Block is referring to in their ads. Smile

  3. FrugalTexan75 Says:

    Yes, I definitely take this credit every year I possibly can! Smile

  4. MonkeyMama Says:

    Good reminder! Not in recent years, but have definitely taken advantage in the past.

  5. Xtreme Thunder Says:

    AGI too high to qualify.

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