Comments on: Saver’s Credit: Retirement Savings Contribution Tax Credit

By: Jim

Jim — Wed, 08 Apr 2009 16:51:52 +0000

It goes back as far as tax year 2002, perhaps even earlier.

By: pat

pat — Wed, 08 Apr 2009 16:41:25 +0000

When was the “Credit for Qualified Retirement Savings Contributions” established? In other words, what year? I just learned about it and wonder if I can also amend my tax forms for previous filings

By: Jim

Jim — Tue, 17 Mar 2009 15:45:54 +0000

Yes, if the contributions are made to a qualified IRA for the 2008 tax year.

By: bikerphoto

bikerphoto — Tue, 17 Mar 2009 15:25:56 +0000

Can one get this credit on 2008 taxes if contributions to a qualified IRA are made before April 15, 2009?

By: Stewardship Journey

Stewardship Journey — Tue, 17 Mar 2009 12:33:14 +0000

I think this is a great idea and incentive, but the phaseouts are extremely low compared to typical phaseout limits for other credits.

By: Stephanie PTY

Stephanie PTY — Tue, 17 Mar 2009 01:15:16 +0000

Bah! Too bad you can’t claim it if you were a full-time student, or I’d be making a retirement contribution to take advantage of this. Actually, though, I may be able to do it this year, for next year’s taxes. Excellent….

By: SJ

SJ — Mon, 16 Mar 2009 20:11:49 +0000

Question. Whenever I read about these things and the eligible income ranges do the ranges occur after tax deductions — like IRA,401k, standard deduction?

This makes it seem like it does, which is really interesting. Also, this answers a question my friend had earlier; while he had to declare his roth ira

By: Cap

Cap — Mon, 16 Mar 2009 20:03:09 +0000

edit: …so you can’t take advantage of any excessive amount to get a refund if you don’t owe any taxes.

By: Cap

Cap — Mon, 16 Mar 2009 20:02:30 +0000

Often mention this tax credit to recent college grad buddies that qualifies for it. Additional benefit to what you already get from the retirement account = not too shabby. Just remember that this tax credit is a nonrefundable one, so you can’t take advantage of any excessive amount to get a refund.