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December 22, 2008
By Dan Serra
McClatchy-Tribune News Service

If the end of the year has you wishing you could contribute to your retirement account but you're not quite sure about putting money away for the future when you may need it now, there's a little incentive you may not know about to save now. It's called the Retirement Savings Contributions Credit and it allows low- and moderate-income workers to get a tax credit.

If you file jointly with a spouse and make less than $53,000 in net income, are head of household and make less than $39,750, or are single and make less than $26,000, the saver's credit is for you. The government's goal with the law is to help these workers save for retirement voluntarily by offsetting part of up to $2,000 deposited into Individual Retirement Plans or 401(k)s. Those with IRAs have until April 15 to contribute and still get the credit on 2008 taxes. Amounts contributed to 401(k)s are eligible only if the contribution is made by Dec. 31.

So even though you put away money for retirement, you'll get part of that back now when you calculate your taxes.

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