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An employee publication of the Texas Department of Criminal Justice
January/February 2010

Texa$aver 401(k) /457 Program

Don't Leave Money on the Table

 

By contributing to the Texa$aver 401(k) or 457 Plans you may be eligible for a credit on your income taxes. Federal tax law offers some people who contribute to a retirement plan a tax credit. Their credit reduces the amount of federal income tax you may have to pay when you file your taxes.

You are eligible if you are a:


Depending on your income and filing status, your tax credit could be 10% to 50% of your contributions to the Texa$aver 401(k) and or 457 Plans. The maximum credit is $1,000. If you qualify for the tax credit, you will need to fill out IRS Form 8880. You or your tax preparer can find this form online at: http://www.irs.gov/pub/irs-pdf/f8880.pdf.

With less money owed to the government, you might be able to enroll in the Texa$aver 401(k) or 457 Plans or increase your contributions. To learn more about the tax credit, talk with your tax advisor or request a Texa$aver Education Counselor to visit your workplace by calling (800) 634-5091.

 
Single Filer Adjusted Gross Income Head of Household Adjusted Gross Income Married,
Filing Jointly Adjusted Gross Income
Maximum Tax Credit Rate
$0-$16,500 $0-$24,750 $0-$33,000 50%
$16,501-$18,000 $24,751-$27,000 $33,001-36,000 20%
$18,001-$27,750 $27,001-$41,625 $36,001-$55,500 10%

 

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Call toll-free to Report Waste, Fraud, and Abuse of TDCJ Resources

 

wastebasketWaste, fraud and abuse of state resources costs all taxpayers millions of dollars each year.

The Office of the Inspector General is dedicated to detecting, investigating and prosecuting reports of waste, fraud and abuse of state resources within all divisions of the Texas Department of Criminal Justice.

If you have any information regarding waste, fraud or abuse of state benefits, equipment, personnel or funds, please contact the Office of the Inspector General, Crime Stoppers or the State Auditor's Office toll-free.

 

Office of Inspector General
1-866-372-8329

Crime Stoppers
1-800-832-8477

State Auditor's Office
1-800-TX-AUDIT (892-8348)

 

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