Have you claimed your Saver’s Tax Credit?

WV Retirement Plus
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.

 

 

 

 

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