Uncle Sam wants to help you contribute to an IRA or 401(k).
  • You could receive a credit of up to $1000 for contributing to an IRA or retirement plan at the office. That's a credit in addition to the normal tax benefit for IRA/401(k)contributions.
  • Your adjusted gross income must be under $50,000 to qualify if you file a joint return. For those who file individually, the limit is $25,000 for singles and $37,500 for heads of household.
  • The credit is non refundable, meaning it cannot exceed the amount of taxes you owe. Full-time students, under age 18, and the dependents of other taxpayers are not eligible. Early withdrawal may reduce or eliminate the credit.
  • Depending on income, the credit is between 10% and 50% of your contribution, and only the first $2,000 contributed qualifies for the credit. The maximum credit can be between $200 and $1,000 per taxpayer. This tax credit would be a direct reduction to the taxes you owe.


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JB Mills - Tax & Accounting

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