Retirement Savings Credit for 2016

We post at the beginning of each year on the Retirement Savings Credit. Having several thousand 401(k) participants that we help, there is a good amount of money that this credit could put back in their pockets.

This is a little known credit. You can get some extra money back from the IRS if you saved into any retirement account (IRA, 401(k), Roth IRA, etc.) during the year, and if you and/or your family falls within certain income limits.

Remember, this credit is different from the “regular” tax benefits of retirement accounts. This is an additional credit if you meet the criteria.

Click here for the IRS explanation of the “Retirement Savings Credit

Click here for the form (IRS form 8880)

If you have questions about this credit or would like to contact us for any other inquiry, please click here for our contact information.

 

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