Have you claimed your Saver’s Tax Credit?
Feb
04
2015
Are you aware that contributions to an IRA or
employer-sponsored retirement plan could help you save on your taxes?
You read that correctly!
The Saver’s Tax Credit is designed to help those with low to moderate
incomes. The IRS will grant tax credits
up to $1000 for those who qualify. This
is in addition to other incentives you already receive from contributing (such
as pretax savings).
We’ve provided the 2014 Tax Credit Rates below.
Here’s an example to better explain how the Saver’s Tax
Credit works. In 2014, a participant in
the WV Retirement Plus 457 Plan has contributed $1000. They are single and have an Adjusted Gross
Income (AGI) of $28,000. This
participant qualifies for 10% credit which is equal to $100. ($1000 x 10% = $100)
Please understand that there are restrictions and
qualifications that you must meet to claim the Saver’s Tax Credit. If you would like more information regarding
the Saver’s Tax Credit, please view the 2014 brochure here
and IRS Form 8880 here. If you would like to discuss how you can take
advantage of this tax credit with your WV 457 Retirement Plus contributions, please
contact your accountant or one of our Voya
Financial Representatives. For more information about West Virginia
Retirement Plus, visit www.wv457.com.
You should consider the investment
objectives, risks, charges and expenses of the variable product and its
underlying fund options carefully before investing. Fund prospectuses, and an
information booklet containing this and other information, can be obtained by
contacting your local Voya representative. Please read carefully before
investing.