Previously, we chatted about the power of tax deductions and credits. Today, I have another tax credit to share with you: the Retirement Savings Contributions Credit, or what is also referred to as the Low Income Savers Credit. Don’t let the boring name fool you, this one packs a sweet little punch for dedicated savers who are just starting out in their career or aren’t yet pulling in a bigger salary. If you contribute to a qualified retirement savings plan and your AGI or adjusted gross income is lower than the allowable limits, you may be eligible for a tax credit worth up to $1,000 ($2,000 if filing jointly)! (more…)
March 4, 2010
Good News! Tax Credit for Younger or Lower Income Savers
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