Many Americans who fall into the low income brackets find it hard to save for retirement.
I came across an article letting the lower income Americans a credit when saving for retirement.
There is a Saver’s Credit available to them when contributing to a 401(k) or IRA on their income tax return.
Besides saving for retirement the added benefit of receiving a higher income tax refund or lowering the amount of tax owed to the IRS is an added incentive to save for your future.
“Low income workers who save for retirement using a 401(k) or IRA can earn a tax credit worth up to $1,000 for individuals and $2,000 for couples in 2011 and future years.
The saver’s credit can be claimed by workers whose modified adjusted gross incomes are up to $28,250 for singles, $42,375 for heads of households, and $56,500 for married couples in 2011.”
Source Yahoo Finance – How to Get the Saver’s Credit
IRA contribution limits are $5000 and $6000 for those 50 and older are in effect for 2012.
The 401(k) contribution limit is $16500. It will increase to $17000 in 2012.
The adjusted gross income limit for 2011:
Single $28,250
Head of Household $42,375
Married $56,500
The adjusted gross income limit in 2012 will increase:
Single $28,750
Head of Household $43,125
Married $57,500
The first $2000 contributed to your 401(k) or IRA will go toward the saver’s credit.
The credit amount may vary depending on other deductions that the tax payer is using and could even be zero.
You must check with your tax professional to see if you’re eligible to receive the credit.
Remember that credit for 401(k) contributions end on December 31, 2011. You can make contributions into your IRA until April 17, 2012 for the 2011 year.
Saving for your retirement pays off in many ways.
Your Tax Coach,
Paulette Marshall
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