UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: W401K Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75824  
Subject: Retirement Savers Credit Date: 12/31/2003 10:06 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Sorry, hit the submit button a bit too early.

Take advantage of an extremely under utilized tax credit if you are in a low income category or a part time worker. You need to contribute to a ROTH IRA, a Traditional IRA, 401k, 403b, 457, SIMPLE, or Sar-Sep.
The credit is obtained by completig Line 48 on the 1040 and form 8880. The Government will give you up to a 50% tax credit on the first $2,000 you contribute to any of the above listed plans. So, if you qualify for the 50% credit and contribute $1,000 to a Traditional IRA, the Government will give you $500. This is in addition to the tax deduction you get for contributing, (Except the ROTH). More info can be found on Form 8880 at www.irs.gov

Credit Individual Joint Return

50%................. $0-$15,000.................... $0-$30,000
20%..................$15,001-$16,250............. $30,001-$32,500
10%..................$16,251-$25,000............. $32,501-$50,000
0%...................$25,001 or more............. $50,001 or more

Bill
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement