Uncle Sam helps you save more

Find out if you're eligible for the Saver's Credit.

The Saver's Tax Credit rewards low and moderate income taxpayers who are working hard and need more help saving for retirement. If you qualify, it gives you a federal income tax credit on your federal income tax return – just for investing for retirement through your IRA, 403(b), 457 and/or 401 plan.

The Saver's Tax Credit is a non-refundable income tax credit that could reduce your federal income tax liability to $0.

Your eligibility depends on two things: your filing status and your modified adjusted gross income.

These charts help you find out if you are qualify for the Saver's Tax Credit.

Filing Status/Adjusted Gross Income for 2014
Amount of Credit Joint Head of Household Single/Others
50% of first $2,000 deferred $0 to $36,000 $0 to $27,000 $0 to $18,000
20% of first $2,000 deferred $36,001 to $39,000 $27,001 to $29,250 $18,000 to $19,500
10% of first $2,000 deferred $39,001 to $60,000 $29,251 to $45,000 $19,501 to $30,000

Filing Status/Adjusted Gross Income for 2015
Amount of Credit Joint Head of Household Single/Others
50% of first $2,000 deferred $0 to $36,500 $0 to $27,375 $0 to $18,250
20% of first $2,000 deferred $36,501 to $39,500 $27,376 to $29,625 $18,251 to $19,750
10% of first $2,000 deferred $39,501 to $61,000 $29,626 to $45,750 $19,751 to $30,500

Source:  IRS Announces 2015 Pension Plan Limitations, Internal Revenue Service, IR-2014-99 (Oct. 23, 2014).

Talk to your Nationwide plan representative today to find out more and to discuss your individual goals for your deferred comp account.

We can't give you tax or legal advice. You should check with your tax professional or legal advisor for answers to specific questions.

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