- April 2008 > Retirement Corner
In addition to the advantages of pre-tax contributions, a tax credit is also available to some employees who contribute to the UTSaver TSA or UTSaver DCP. The Saverís Credit can be claimed on your tax return for up to the first $2,000 in contributions to either of the voluntary retirement programs when you meet the qualifications illustrated below.
Saverís Credit Income Levels for 2008:
|Credit % for contributions up to $2,000||Single Filers||Head of Household||Joint Filers|
|50% of contribution||Under $16,000||Under $24,000||Under $32,000|
|20% of contribution||$16,001-$17,250||$24,000-$25,875||$32,000-$34,500|
|10% of contribution||$17,251-$26,500||$25,876-$39,750||$34,501-$53,000|
|Credit not available||Over $26,500||Over $39,750||Over $53,000|
To verify if you are eligible to take advantage of the Saverís Credit, contact your retirement provider or tax advisor. The Saverís Credit is claimed using IRS Form 8880.
Remember, you can enroll in either the UTSaver TSA or UTSaver DCP at anytime. Visit www.utretirement.utsystem.edu for more details or send us an email at firstname.lastname@example.org. Help is just a click away.
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