- September 2010 > Retirement Corner
Retirement Corner
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:
- Make Tax-deferred contributions to an employer-sponsored retirement plan;
- are 18 year or older;
- aren’t full-time students;
- aren’t claimed as a dependant on another person’s tax return; and
- meet the income limits described below.
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:
Income Limits for 2010 Eligibility |
|---|
Credit Percentage |
Married, Filing a Joint Return |
Head of Household |
Single or Married, Filing Separately |
|---|---|---|---|
50% |
Up to $33,500 |
Up to $25,125 |
Up to $16,750 |
20% |
$33,501 to $36,000 |
$25,126 to $27,000 |
$16,751 to $18,000 |
10% |
$36,001 to $55,500 |
$27,001 to $41,625 |
$18,001 to $27,750 |
0 |
$55,501 & more |
$41,626 & more |
$27,751 & more |
UTRetirement Manager—Now Mac Friendly!
The UTRetirement Manager is a secure web site that enables all UT participants to enroll in the UT Retirement Programs. This valuable tool allows you to select monthly contribution rates, your UTRetirement Provider, and also allows you to view your account balance.
Some of you previously experienced difficulty using Retirement Manager on a MacIntosh computer, but not anymore. UTRetirement Manager is now designed to work with both Internet Explorer v6 and greater and Mozilla/Firefox for PC Windows, and with Safari for MacIntosh.
Contact Us
If you have a Benefits question, submit your question by replying to the “newsletter email” or by sending an email to benefits@utsystem.edu.
UT System Employee Benefits Web site: www.utsystem.edu/benefits/
UT System Retirement Programs Web site: www.utretirement.utsystem.edu
Your Local Benefits Office: www.utsystem.edu/benefits/contacts/#1