<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Tax Credit For Saving

Tax Credit For Saving

February 11th, 2014 at 02:27 am

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

Text is here and Link is http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-Retirement-Savings-Contributions-Credit-%28Saver%E2%80%99s-Credit%29
here.



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?

Posted in Saving, Taxes | 5 Comments »

5 Responses to “Tax Credit For Saving”

  1. Riverbendgirl Says:
    February 11th, 2014 at 02:40 am 1392086443
    1392086443

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

  2. creditcardfree Says:
    February 11th, 2014 at 02:45 am 1392086722
    1392086722

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

  3. FrugalTexan75 Says:
    February 11th, 2014 at 03:06 am 1392088004
    1392088004

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

  4. MonkeyMama Says:
    February 11th, 2014 at 03:52 am 1392090760
    1392090760

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

  5. Xtreme Thunder Says:
    February 11th, 2014 at 11:23 am 1392117829
    1392117829

    AGI too high to qualify.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]