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Retirement Savings Tax Credit
If your income falls within certain limits, your contribution to a Traditional,
Roth, or SIMPLE IRA up to $2,000 also earns a tax credit.
Filing Status |
Adj. Gross Income 2007 |
Allowable IRA Contribution |
Allowable for Tax Credit |
Credit Pct. |
Tax Credit Earned |
|
Head of Household |
Up to $23,500 |
$4,000 |
$2,000 |
50% |
$1,000 |
$23,501 - $25,500 |
$4,000 |
$2,000 |
20% |
$400 |
$25,501 - $39,000 |
$4,000 |
$2,000 |
10% |
$200 |
|
Married Filing Jointly |
Adj. Gross Income 2007 |
|
IRA Amount |
Credit Pct. |
Tax Credit |
Up to $31,000 |
$4,000 |
$2,000 |
50% |
$1,000 |
$31,001 - $34,000 |
$4,000 |
$2,000 |
20% |
$400 |
$34,001 - $52,000 |
$4,000 |
$2,000 |
10% |
$200 |
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*Erie Family Life products are not available in all states.
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