Jul 31 in W2 Tax Strategies
Crush Your Tax Bill with the Savers Credit!
Hey all,
Did you know you can get a tax credit just for saving for retirement? It’s called the Savers Credit, and it’s an excellent way to reduce your tax bill.
What’s the Deal?
The Savers Credit gives you a tax break based on your contributions to retirement accounts like a 401(k) or IRA.
Credit Amount:
Depending on your income, you can get a credit worth 10%, 20%, or even 50% of your contributions, up to $2,000 for individuals and $4,000 for couples.
Income Limits:
For 2024, to get the highest credit (50%), your income needs to be below:
- $21,750 for singles
- $32,625 for heads of households
- $43,500 for married couples
Example:
Contribute $2,000 to your IRA, and if you qualify for the 50% credit, you’ll get a $1,000 tax credit. That’s a direct reduction of your tax bill.
Fun Fact:
This credit is in addition to other tax benefits for retirement contributions.
Who’s taking advantage of the Savers Credit? Let’s share our success stories!
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Crush Your Tax Bill with the Savers Credit!
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