Savers Tax Credit for Retirement Plan Contributions - information from Brookwood Tax Service

This page last updated on
July 16, 2003

Saving Tax Dollars by Saving for Retirement
You May Qualify for both a Deduction and a Credit!

The IRS is allowing a tax credit for certain taxpayers who save for retirement. The credit was first allowed on 2002 income tax returns and will be allowed again in 2003. You may be eligible to take a tax credit of up to $1,000 ($2,000 if married filing jointly) for making eligible contributions to an employer-sponsored retirement plan or to your IRA.

You cannot claim this credit if any of the following apply:

	Your adjusted gross income in 2003 is more than $25,000 ($37,500 if head of household, $50,000 if married filing jointly).
	You were born after January 1, 1985.
	You are claimed as a dependent on another person's tax return in 2003.
	You were a full-time student in 2003.

[Home] [Site Map] [Contact Us]

Saving Tax Dollars by Saving for Retirement You May Qualify for both a Deduction and a Credit!

Saving Tax Dollars by Saving for Retirement
You May Qualify for both a Deduction and a Credit!