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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 76883  
Subject: Retirement Savers Credit Date: 12/31/2003 10:06 AM
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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

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