Are you making contributions to an IRA or 401(k)? If the answer is yes, then you may be eligible for the Saver’s Tax Credit. This credit is non-refundable, which means you can only subtract it from taxes you owe, and is available to anyone who makes contribution to government recognized retirement accounts. 20SomethingFinance ‘s G.E. Miller does a great job describing how a taxpayer qualifies for the Saver’s Tax Credit, the maximum credit a taxpayer can receive and provides more helpful information regarding this credit in his article, “ Qualifying for the Saver’s Tax Credit in 2012 and 2013 .”
Should you have any questions regarding this credit or any other retirement or tax planning topics, don’t hesitate to contact our office. We would love to help you find any answers you may be looking for.
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