The Saver's Tax Credit: An Added Incentive to Fund Your Plan
- Topics:
- Retirement,
- Taxes
- Tags:
- Finance,
- Financial Planning,
- Free Trade,
- Incentive,
- Tax Credit,
- Taxes
- Source:
- Investopedia
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Overview: Let's face it: funding one's retirement plan is not always a priority. Many taxpayers may feel their income should go towards more immediate needs. However, there is an added incentive to save for retirement in the form of a non-refundable tax credit known as "The saver's tax credit" (or saver's credit). Because this credit is in addition to any tax deduction received for contributions made to a Traditional IRA, it helps to reduce the taxpayer's tax liability to the IRS.
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Format: HTML | Date: Mar 2004 | Pages: 3
