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Many U.S. workers don’t apperceive that they’re acceptable for a tax acclaim by extenuative in an employer-sponsored retirement plan or an alone retirement annual (IRA), and that could be costing them money.



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The Retirement Accumulation Contributions Credit, additionally alleged the saver’s credit, is accessible to low- and moderate-income workers who are extenuative for retirement. But 62 percent of workers don’t apperceive about the credit, according to the nonprofit Transamerica Center for Retirement Studies in Los Angeles, which aftermost abatement surveyed about 6,000 employees.

“Tax division is an ideal time to acquaint acceptable workers how they can acquire added tax credits by extenuative through their employer’s 401(k) or a agnate retirement plan,” said Catherine Collinson, admiral of the Transamerica Center. “The saver’s acclaim ability aloof be the motivator for those not yet extenuative for retirement to get started.”



“Saving for retirement is a claiming for abounding households in America,” said Scott Spann, a chief banking artist with Banking Finesse, a provider of abode banking wellness programs in Charleston, S.C. “Special tax incentives advice accomplish the action of extenuative easier.”



What Is the Saver’s Credit?

Like added tax credits, the saver’s acclaim can access a taxpayer’s acquittance or abate the tax owed. Here’s how it works:

The bulk of the acclaim is a best of 50 percent of an employee’s retirement plan contributions or up to $2,000 (or $4,000 for affiliated couples filing jointly), depending on the filer’s adapted gross assets (AGI) as appear on Form 1040. Consequently, the best saver’s acclaim is $1,000 (or $2,000 for affiliated couples filing jointly).

The saver’s acclaim “is altered than a tax answer due to the actuality that a tax acclaim is a dollar-for-dollar abridgement of your gross tax liability, [which is] the absolute bulk of taxes you’re amenable for advantageous afore any credits are applied,” Spann explained.

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The saver’s acclaim is in accession to the tax account of accidental pretax dollars to a able retirement plan such as an employer-sponsored 401(k) or an IRA. “Many acceptable retirement savers may be ambagious these two incentives because the angle of a bifold tax benefit”—pretax contributions and an added tax credit—”seems too acceptable to be true,” Collinson said.

Who Can Affirmation the Saver’s Credit?

The acclaim is accessible to workers age 18 or earlier who accept contributed to a company-sponsored retirement plan or an IRA in the accomplished year and who accommodated the assets requirements apparent in the table below. The filer cannot be a full-time apprentice and cannot be claimed as a abased on addition person’s tax return.

[SHRM members-only toolkit: Designing and Administering Defined Addition Retirement Plans]

Income Caps for Tax Years 2018 and 2019

The bulk of the accessible tax acclaim diminishes as assets rises, up to the AGI limit. To advice bottle the credit’s value, assets thresholds are adapted annually to accumulate clip with inflation. Beneath are the assets caps for tax year 2018 (when claiming the acclaim on tax allotment filed this year) and 2019 (for allotment filed abutting year).

 

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Includes condoning widow(er)s.

Source: IRS.

Deadlines for Retirement Contributions

“You allegation accomplish acceptable contributions to your employer-sponsored retirement plan or IRA for the tax year for which you are claiming the assets tax credit,” Spann said.

While 401(k) contributions for a tax year can be fabricated alone up to Dec. 31, workers can accord to an IRA up to the mid-April assets tax filing borderline for the tax year.

“Those who are acceptable but did not save aftermost year can still accord to an IRA until April 15, 2019, and may be able to affirmation the saver’s acclaim for 2019,” Collinson noted.

Filing for the Saver’s Credit

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Employers can admonish acceptable workers to booty the afterward accomplish to affirmation the saver’s credit, according to the Transamerica Center:

The Transamerica Center has added advice in English and Spanish on its Saver’s Acclaim webpage, forth with a downloadable actuality sheet/poster.

IRS Free File Program

Another potentially disregarded befalling for workers who are acceptable to affirmation the saver’s acclaim is the IRS Free File program, which offers federal assets tax alertness software at no allegation to tax filers with an AGI of $66,000 or less. Twelve tax alertness casework accomplish their software accessible to acceptable tax filers through the program.

Related SHRM Articles:

At Tax Time, Urge Review of Paycheck Withholding and Retirement Savings, SHRM Online, January 2019

How to Promote Retirement Accumulation for America Saves Week 2019, SHRM Online, January 2019

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Last Updated: November 19th, 2019 by admin
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