{"id":907,"date":"2013-03-07T12:29:39","date_gmt":"2013-03-07T06:59:39","guid":{"rendered":"http:\/\/www.nsglobal.com\/blog\/?p=907"},"modified":"2013-03-13T16:15:59","modified_gmt":"2013-03-13T10:45:59","slug":"take-credit-for-your-retirement","status":"publish","type":"post","link":"https:\/\/www.nsglobal.com\/blog\/?p=907","title":{"rendered":"Take Credit for Your Retirement"},"content":{"rendered":"<p>Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver\u2019s Credit.<\/p>\n<p>Here are seven points the IRS would like you to know about the Saver\u2019s Credit:<\/p>\n<p>1.\u00a0The Saver\u2019s Credit is formally known as the Retirement Savings Contribution Credit. The credit can be worth up to $2,000 for married couples filing a joint return or $1,000 for single taxpayers.<\/p>\n<p>2.\u00a0Your filing status and the amount of your income affect whether you are eligible for the credit. You may be eligible for the credit on your 2012 tax return if your filing status and income are:<\/p>\n<p style=\"padding-left: 30px;\">a.\u00a0\u00a0 Single, married filing separately or qualifying widow or widower, with\u00a0income up to $28,750<\/p>\n<p style=\"padding-left: 30px;\">b.\u00a0\u00a0 Head of Household with income up to $43,125<\/p>\n<p style=\"padding-left: 30px;\">c.\u00a0 \u00a0Married Filing Jointly, with income up to $57,500<\/p>\n<p>3.\u00a0You must be at least 18 years of age to be eligible. You also cannot have been a full-time student in 2012 nor claimed as a dependent on someone else\u2019s tax return.<\/p>\n<p>4.\u00a0You must contribute to a qualified retirement plan by the due date of your tax return in order to claim the credit. The due date for most people is April 15.<\/p>\n<p>5.\u00a0The Saver\u2019s Credit reduces the tax you owe.<\/p>\n<p>6.\u00a0Use IRS Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit. Be sure to attach the form to your federal tax return. If you use IRS e-file the software will do this for you.<\/p>\n<p>7.\u00a0Depending on your income, you may be eligible for other tax benefits if you contribute to a retirement plan. For example, you may be able to deduct all or part of your contributions to a traditional IRA.<\/p>\n<p>For more information on the Saver\u2019s Credit, see IRS Publication 590, Individual Retirement Arrangements. Also see Publication 4703, Retirement Savings Contributions Credit, and Form 8880.<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" ><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img src=\"http:\/\/static.hupso.com\/share\/buttons\/share-medium.png\" border=\"0\" style=\"padding-top:5px; float:left;\" alt=\"Share\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\"); var hupso_toolbar_size_t=\"medium\";var hupso_counters_lang=\"en_US\";var hupso_title_t=\"Take Credit for Your Retirement\";<\/script><script type=\"text\/javascript\" src=\"http:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"excerpt":{"rendered":"<p>Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver\u2019s Credit. Here are seven points the IRS would like you to know about the Saver\u2019s Credit: [&hellip;]<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" ><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img src=\"http:\/\/static.hupso.com\/share\/buttons\/share-medium.png\" border=\"0\" style=\"padding-top:5px; float:left;\" alt=\"Share\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\"); var hupso_toolbar_size_t=\"medium\";var hupso_counters_lang=\"en_US\";var hupso_title_t=\"Take Credit for Your Retirement\";<\/script><script type=\"text\/javascript\" src=\"http:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[17,54,38,5],"_links":{"self":[{"href":"https:\/\/www.nsglobal.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/907"}],"collection":[{"href":"https:\/\/www.nsglobal.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsglobal.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsglobal.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsglobal.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=907"}],"version-history":[{"count":0,"href":"https:\/\/www.nsglobal.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/907\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.nsglobal.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsglobal.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsglobal.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}