Tuesday, February 16, 2010

You May Qualify Credit for Qualified Retirement Savings Contributions

For tax year 2009, if you make a contribution to a traditional or Roth IRA or to a qualified employer plan (like a 401(k)), you may be eligible to receive a tax credit of up to $2,000 for the year. To qualify, your adjusted gross income for the year must be less than $27,750 if you are single ($41,6250 for head of household and $55,500 if married filing jointly).

This is one of the very many credits tax payers miss. When filing his or her own tax return without a professional tax preparer.

Your tax preparer will need to prepare form 8880 to reflect this credit. See Irs.gov

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