The Retirement Savings Tax Credit: A Fact Sheet
Description:
The Economic Growth and Tax Relief Reconciliation Act of 2001 authorized a non-refundable tax credit of up to $1,000 for eligible individuals who contribute to an IRA or an employer-sponsored retirement plan. The maximum credit is 50% of retirement contributions up to $2,000. This credit can reduce the amount of taxes owed, but the tax credit itself is non-refundable. The maximum credit is the lesser of either $1,000 or the tax that the individual would have owed without the credit. Eligibility…
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Date:
August 7, 2006
Creator:
Purcell, Patrick
Item Type:
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Partner:
UNT Libraries Government Documents Department