ElectroFile Income Tax Service   Income Tax Service   Terry Hough, President
Terry Hough

March 06, 2013 Newsletter


Take Credit for Your Retirement

Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saverís Credit.

Here are seven points to know about the Saverís Credit:

  1. The Saverís Credit is formally known as the Retirement Savings Contribution Credit. The credit can be worth up to $2,000 for married couples filing a joint return or $1,000 for single taxpayers.
  2. Your filing status and the amount of your income affect whether you are eligible for the credit. You may be eligible for the credit on your 2012 tax return if your filing status and income are:
    • Single, married filing separately or qualifying widow or widower, with income up to $28,750
    • Head of Household with income up to $43,125
    • Married Filing Jointly, with income up to $57,500
  3. You must be at least 18 years of age to be eligible. You also cannot have been a full-time student in 2012 nor claimed as a dependent on someone elseís tax return.
  4. You must contribute to a qualified retirement plan by the due date of your tax return in order to claim the credit. The due date for most people is April 15.
  5. The Saverís Credit reduces the tax you owe.
  6. We will use IRS Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit.
  7. Depending on your income, you may be eligible for other tax benefits if you contribute to a retirement plan. For example, you may be able to deduct all or part of your contributions to a traditional IRA.

P.S. The delays created by recent tax law changes for certain forms have now been resolved by the IRS. As of March 5th, we can file ANY Federal return without waiting on the IRS. Come on in.


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