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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.
This chart helps you find out if you qualify for the Saver's Tax Credit in 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|
Source: IR-2013-86, 31 October 2013. Accessed 8 November 2013
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.