December 3, 2008
Retirement Savings Contribution Federal Tax Credits
The federal tax credits for retirement savings are called the Retirement Savings Federal Tax Credits. The IRS has allowed certain tax payers to take a tax credit of up to $1,000 for individual filers and $2,000 for joint filers if they make eligible contributions to a qualified retirement plan.
These Retirement Savings Contribution federal tax credits are nonrefundable. There are many rules that you have to learn regarding this federal tax credit if you think that you might be qualified for claiming it.
Not everyone who contributes to a retirement plan or an IRA qualified for this federal tax credit.