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Investing/Strategies / Retirement Investing
|Subject: Re: Retirement Savers Credit||Date: 1/8/2004 10:26 PM|
|Author: W401K||Number: 38434 of 74431|
Yes it was available in 2002. That was the first year for it.
The numbers in the 2nd and 3rd column are the income qualifications.
for instance if you are married and filing jointly, and your joint income is less than $50,000, you will qualify for a credit.
If you are Single and your income is $25,000 or less you qualify for a credit. How much of a credit depends on how much you earned. For instance, those that are single and make $24,000 will receive a 10% credit. Those making under $15,000 will get a 50% credit,
If anyone has kids and they worked over the summer, get them to contribute to an IRA,(it can be a traditional or a ROTH)
They should get the tax credit if they just had a summer job.
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