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Tuesday, March 22, 2005

Tax credits for the rest of us

How did your taxes come out recently? I am one of those who continually 'lends' money to the government each year. I know I can adjust my W-4, but this is one way I have of saving a small lump some- I may be losing interest, but at least I'm not spending it, and I can put it in my Roth IRA. I got back a little over $700 this year, but expect to get back more next as I start my 403(B) and fully fund my Roth for the year and take advantage of available tax credits. I'll pay off my student loan this year too, and will be able to use the interest deduction for the last time.

Did you know about the Retirement Savings Contribution Credit tax credit? "You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly) if you make eligible contributions to a qualified IRA, 401(k) and certain other retirement plans, says the IRS." If your AGI is less than $25,000 (single) or $50,000(married) and you contribute to an IRA, 401(K), 403(B), 457(B), Simple, etc. then be sure to fill out IRS form 8880 when you do your taxes. All the info is at the IRS site as usual. http://www.irs.gov/newsroom/article/0,,id=107686,00.html

Comments:
Hiya Blogger,
Didnt know searching on the net for ira beneficiaries would bring me here. But hey... reading your post "Tax credits for the rest of us" was entertaining.
While it may not be exactly related to ira beneficiaries, it was nevertheless a pleasure to have visited your blog. That's the beauty of the internet.. u just dont know what you will find at the next corner.
Blogger, its been great to visit your blog...do keep blogging and continue to make the web a more interesting place..cheers mate
 
Hi, Blogger, I was surfing and searching for some info on coastal vacations and noticed your site. Your Tax credits for the rest of us though sounded interesting so I took a look. It was not relevant to my coastal vacations quest but I am glad to stop by and view your interesting viewpoints! Keep up the good blogging.
 
Hello Blogger ,

What a nice blog you have here! Amazing stuff! Blogger may be proud to have you on board! It must have been a lot of time and effort! The way I like it!

Kindest regards, and thanks for your information!

Anne geldlening
 
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