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$226,566 in free retirement money is available for some Americans. Don't pass up the monev if you're entitled to it

MULTIZ321

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$226,566 in free retirement money is available for some Americans. Don't pass uo the monev if you're entitled to it.


.


Richard
 

MULTIZ321

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Can you summarize this article to save others from the clickbait?

Kurt
Hi Kurt,


INCREASE YOUR RETIREMENT INCOME BY $9.500
ANNUALLY WITH THIS 1 DECISION

Scoring free retirement money takes just one
simple move
The Saver's Credit is an incredibly valuable Tax credit designed to help lower- and middle-income
Americans save for their later years. It works like this:
You invest in an eligible retirement account. You get tax credit equaling either 10%, 20%, or 50% ofthe
amount you contributed, up to a maximum eligible
contribution of $2,000 for single filers or $4,000 for
married joint filers..
The approximately quarter mil is if you do it for 30 years.

Best Regards.

Richard
 

geekette

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Great! Keep that first minimum wage job for 40 years and you can get a tax credit instead of the extra money in your IRA implied in the title!
 

Rjbeach2003

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Yes
2021 Saver's Credit
Credit RateMarried Filing JointlyHead of HouseholdAll Other Filers*
50% of your contributionAGI not more than $39,500AGI not more than $29,625AGI not more than $19,750
20% of your contribution$39,501 - $43,000$29,626 - $32,250$19,751 - $21,500
10% of your contribution$43,001 - $66,000$32,251 - $49,500$21,501 - $33,000
0% of your contributionmore than $66,000more than $49,500more than $33,000

this is for lower income workers and family. Here is the chart for 2021 from IRS website. If your joint income AGI is more than $66,000 don't worry about it. The poverty level for family of 2 is about $17.500, so one can get 50% of their contribution back. I wonder how many with that income level contribute $2000. Not many I'm sure.
 

isisdave

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I used to prepare taxes in a fairly low-income area. The problem is that if you have low enough AGI to qualify, you probably don't have a spare $2000 to be matched. Still, some managed. And some retirees with a small online business could qualify.
 

geekette

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I hope that anyone that can take advantage of it does so. I'm glad there are programs for those without a 401k but I do wish it went into the savings plan vs tax credit.
 
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