What is the Tax Credit for Low Income Savers?

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about 401k and other Retirement Planning topics.

What is the Tax Credit for Low Income Savers?

What is the Tax Credit for Low Income Savers?

Did you know that if you are in the low-income bracket and contributing to a 401K plan that you may qualify for a tax credit? It is called the “Tax Credit for Low Income Savers” and the last time you may take this credit will be during the year 2006. This credit is in addition to the regular tax deductions allowable for the 401k plan. This is another boost to help those who are financially planning for their retirement. You should ask your accountant if you believe that you qualify for the tax credit.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Retirement Planning Tip Site? Request a Tip Now!


Guru Spotlight
Sherril Steele-Carlin