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 |
|
