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Retirement Corner

You May Qualify for an Extra Tax Credit

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 benefits@utsystem.edu. Help is just a click away.

Contact Us

If you would like a specific topic discussed or have a question you would like answered in a future issue of this newsletter, please send your suggestions to benefits@utsystem.edu.

UT System Employee Benefits Website: www.utsystem.edu/benefits/
UT System Retirement Programs Website: www.utretirement.utsystem.edu
Your Local Benefits Office: www.utsystem.edu/benefits/contacts.asp#1