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A Credit Card to Suit All Needs
In this day and age, a large number of the population is in
possession of a credit card, sometimes even numerous credit
cards! Banks and businesses are becoming more and more aware of
consumer's desires for specialised credit cards, and have...
Credit Repair And Avoiding Court
If you ever entered a courtroom, you know that the stress elevates, even if you are in the room for someone else. Courts are an automatic source for lifting stress. Moreover, to avoid the courts means we have to abide by laws and pay our debts. If...
Credit Repair vs. Credit Restoration
One of the greatest misconceptions of consumers with past credit
problems is the thought that credit repair is the same as credit
restoration, and this belief has many of these consumers with
negative credit histories not truly restoring their...
Escaping Late Fee charges on your Credit Card
It's a little known fact that late fees account for an IMMENSE proportion of credit card companies' profits, as much as 30% in the case of some lenders! You may never have encountered a 'late fee' before, but if you use a credit card, you probably...
How to Find Bad Credit Loans UK
Bad credit loans UK can sometimes prove quite difficult to find, especially for those individuals who need the loan money quickly so as to cover various expenses or to repay debts.
Should you be one of the many individuals who are in the market for...
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Credit for Qualified Retirement Savings Contribution
Credit for Qualified Retirement Savings Contribution
Here we are again its tax time. And with all the turmoil in our country not to mention in our private lives, Uncle Sam expects us to sit up and take notice of the time of year and file our tax returns with the IRS. Well I don’t know about you but with all the tax law changes and the comings and goings it can be down right confusing for the average American. I spend half the year before January studying and preparing to meet all of my clients needs and goals, and I still can find a surprise or two at my desk each morning. Take for instance the new “Savers Tax Credit,” this little gem will only be with us the next four years, by the time it catches on…it’ll be gone.
Retirement Savings Contribution Credit is a tax credit allowing eligible contributions to an employer sponsored retirement plan or an IRA become tax deductible. A percentage of your qualifying retirement contributions are determined by using federal form 8880.
Qualifying retirement plans are Traditional and or Roth IRA contributions, and salary reduction contributions to most employer sponsored retirement plans (401k). You may include certain voluntary after tax plans as well.
You cannot claim this credit if any of these circumstances apply to you:
You were born after January 1,1985
You are claimed as dependents on another persons return
You are a full time student
Table of Income and Filing Status Percentage for Retirement Savings Contribution
If your filing status isAnd Your AGI isYour Percentage is
Married Filing JointlyNot over 30,00030,000------32,50032,500-------49,99950,000 or Above5020100
Head of HouseholdNot over 22,50022,500----24,37524,375----37,50037,501 or Above5020100
Single, Qualifying Widow(er) or Married Filing SeparatelyNot Over 15,00015,000-----16,25016,251----25,00025,001 or Above5020100
Need more information just click Tax Tools on this website,http://www.ezminimall.com
Credit for Qualified
Retirement Savings Contribution
Here we are again its tax time. And with all the turmoil in our country not to mention in our private lives, Uncle Sam expects us to sit up and take notice of the time of year and file our tax returns with the IRS. Well I don’t know about you but with all the tax law changes and the comings and goings it can be down right confusing for the average American. I spend half the year before January studying and preparing to meet all of my clients needs and goals, and I still can find a surprise or two at my desk each morning. Take for instance the new “Savers Tax Credit,” this little gem will only be with us the next four years, by the time it catches on…it’ll be gone.
Retirement Savings Contribution Credit is a tax credit allowing eligible contributions to an employer sponsored retirement plan or an IRA become tax deductible. A percentage of your qualifying retirement contributions are determined by using federal form 8880.
Qualifying retirement plans are Traditional and or Roth IRA contributions, and salary reduction contributions to most employer sponsored retirement plans (401k). You may include certain voluntary after tax plans as well.
You cannot claim this credit if any of these circumstances apply to you:
You were born after January 1,1985
You are claimed as dependents on another persons return
You are a full time student
Table of Income and Filing Status Percentage for Retirement Savings Contribution
If your filing status isAnd Your AGI isYour Percentage is
Married Filing JointlyNot over 30,00030,000------32,50032,500-------49,99950,000 or Above5020100
Head of HouseholdNot over 22,50022,500----24,37524,375----37,50037,501 or Above5020100
Single, Qualifying Widow(er) or Married Filing SeparatelyNot Over 15,00015,000-----16,25016,251----25,00025,001 or Above5020100
Need more information just click Tax Tools on this website.
About the Author
Tax Professional at a National Tax Firm
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