February 6, 2014

Get Paid to Save for Retirement

IRS Gives Money to Low-Income Retirement Savers
“Workers meeting the agency’s income requirements can receive a Saver’s Tax Credit equal to as much as half of their total deposits into a 401(k) or IRA. The lower one’s income, the bigger the credit.”
“Since it’s a credit, taxpayers receive either an outright refund or a reduction in their taxes owed. The credits are capped at $1,000 for individuals and heads of households and $2,000 for married couples. But they are in addition to deductions for 401(k) contributions, which lower the taxable incomes of any worker who saves.” Read the details and find if you (or your adult children) qualify at the Squared Away Blog: http://squaredawayblog.bc.edu/squared-away/401k-tax-credit-helps-low-income/

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