Another Great Reason to Save
Wouldn't you jump at the chance to reduce your annual income tax return by as much as $1,000.00? UT System and the Internal Revenue Service are offering you that chance.
The Saver's Tax Credit is available to UT System employees who:
The Saver's Credit can be taken for your contributions to either your UTSaver 403(b) Tax Sheltered Annuity or your UTSaver 457(b) deferred Compensation plan. You may even qualify if your TSA contributions are Roth (after tax). Rollover contributions aren't eligible for the Saver's Credit. Also, your eligible contributions may be reduced by any recent distributions you received from a retirement plan or IRA.
If you're eligible and contribute as much as $2,000.00, you could qualify for a Saver's Tax Credit of up to 50% of your contributions--$1,000 subtracted directly from your income tax payment. See the table below for more details: