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April 12 2019 - Tax Saver's Credit Reminder

Fri, Apr 12th 2019 02:00 pm

You may be eligible for a valuable incentive, which could reduce your federal income tax liability, for contributing to your company’s 401(k) or 403(b) plan. If you qualify, you may receive a Tax Saver’s Credit of up to $1,000 ($2,000 for married couples filing jointly) if you made eligible contributions to an employer sponsored retirement savings plan. The deduction is claimed in the form of a non-refundable tax credit, ranging from 10% to 50% of your annual contribution. In this issue of Your Retirement in Focus, we provide a recap of the Tax Saver’s Credit.

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