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:
- Married participant filing jointly with your spouse and have an Adjusted Gross Income (AGI) up to $55,000 for 2009.
- Head of household with an Adjusted Gross Income (AGI) up to $41,625 for 2009.
- Single or married filing separately with an Adjusted Gross Income (AGI) up to $27,750 for 2009.
Depending on your income and filing status, your tax credit could be 10% to 50% of your contributions to the Texa$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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