the Saver's Tax Credit （畢業生報稅）

 

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Save and Be Credited

If you are single and have adjusted gross income of $30,000 or less, or you are married and have AGI of $60,000 or less, you can make out even better on a retirement contribution through the Saver's Tax Credit.

The credit is a potential bonanza for part-time workers who fall within the income limits. You can claim a tax credit worth 10% to 50% of the amount you put in, up to a maximum credit of $1,000 ($2,000 for joint filers). Contributions to a workplace plan, such as a 401(k) or 403(b), as well as contributions to a traditional, Roth or SEP IRA, are eligible for this credit.

The lower your income, the higher the percentage you get back via the credit. Some key exceptions: Taxpayers under age 18, full-time students and those claimed as dependents on their parents' returns are not eligible, regardless of their income.

And here's the beauty of a credit compared with a deduction: While deductions reduce the amount of your income that can be taxed, credits reduce the amount of tax you owe--dollar for dollar. You'll need IRS Form 8880.