Tax Tip: New Tax Credit for Retirement Savings

Internal Revenue Service Tax Tips on Shoeboxed Blog

WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2008 and the years ahead, according to the Internal Revenue Service.

The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to Individual Retirement Arrangements (IRAs) and to 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available Continue reading “Tax Tip: New Tax Credit for Retirement Savings”