Federal Tax Saver's Credit

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

 

 

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