Depending on income, wage earners can receive up to a $2,000 tax credit for participating in their employer’s retirement plan.
In 2016 the maximum tax credit ranges from $1,000 – $2,000 and is available for single filers who earn up to $30,750 and head of household filers and married couples earning $46,125 and $61,500, respectively. Based on a survey by Transamerica, even though approximately 70% of workers are eligible for the credit, less than 25% of these people are aware of the benefit. If you are eligible, know someone who is eligible, or employ those who may be eligible, feel free to contact EagleStone for further information on this tax savings opportunity.
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IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any matter addressed herein.
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018
