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Saver's Credit Chart
Retirement Savings Contribution Credit
One of the many new tax changes that could help your wallet in coming years is called the "Retirement Savings Contribution Credit." Basically, if you're not a big income earner and you are putting money in a retirement account, you may get a break on your taxes for the next few years.
Here's the deal: If you save money in a 401k or an IRA, the government will match your money as much as 50 percent. If you are single and you make $15,000 or less, you get a 50 percent match from the government of up to $1,000. If you're married, the maximum you can earn to get the credit is $50,000 combined. If you're married and your earn $30,000 combined, you get the maximum benefit. So, as you make more money, the match goes down. Here's a chart that spells it out for you:
