{"id":4827,"date":"2014-07-23T10:51:29","date_gmt":"2014-07-23T14:51:29","guid":{"rendered":"https:\/\/www.bates.edu\/hr\/?page_id=4827"},"modified":"2016-02-17T12:10:13","modified_gmt":"2016-02-17T17:10:13","slug":"do-you-qualify-for-a-retirement-savings-tax-credit","status":"publish","type":"page","link":"https:\/\/www.bates.edu\/hr\/benefits\/retirement-benefits\/bates-college-403b-retirement-plan\/do-you-qualify-for-a-retirement-savings-tax-credit\/","title":{"rendered":"Do you qualify for a Retirement Savings Tax Credit?"},"content":{"rendered":"<p>Did you know that if you contribute to the Bates 403(b) Retirement Plan that you may be eligible to receive a <a href=\"https:\/\/www.bates.edu\/hr\/files\/2014\/07\/hr-savers-credit-fact-sheet.pdf\" target=\"_blank\">saver&#8217;s credit<\/a> towards your 2015 taxes?<\/p>\n<p>Eligibility and the amount of the credit depends on your filing status and your adjusted gross income. You may receive a credit of 10%, 20% or 50% of the first $2,000 you contributed to the 403(b) plan. The adjusted gross income limits for 2015 by filing status are (these can change each year) :<\/p>\n<p>\u2022 Single, married filing separately, or qualifying widow(er), with income up to $30,500<\/p>\n<p>\u2022 Head of Household, with income up to $45,750<\/p>\n<p>\u2022 Married Filing Jointly, with income up to $61,000<\/p>\n<p>To be eligible for the credit you must have been born before January 2, 1998, you cannot have been a full-time student during the calendar year and cannot be claimed as a dependent on another person\u2019s return. If you received a distribution from your retirement plan within the last two years it may affect whether you can take the credit.<\/p>\n<p>See<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f8880.pdf\" target=\"_blank\"> IRS Form 8880<\/a>, Credit for Qualified Retirement Savings Contributions, for instructions on how to take the credit or review <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p590a.pdf\" target=\"_blank\">IRS Publication 590-A<\/a>, Individual Retirement Arrangements (IRAs), for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you know that if you contribute to the Bates 403(b) Retirement&hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":1842,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_hide_ai_chatbot":false,"_ai_chatbot_style":"","associated_faculty":[],"_Page_Specific_Css":"","_bates_restrict_mod":false,"_table_of_contents_display":false,"_table_of_contents_location":"","_table_of_contents_disableSticky":false,"_is_featured":false,"footnotes":"","_bates_seo_meta_description":"","_bates_seo_block_robots":false,"_bates_seo_sharing_image_id":0,"_bates_seo_sharing_image_twitter_id":0,"_bates_seo_share_title":"","_bates_seo_canonical_overwrite":"","_bates_seo_twitter_template":""},"class_list":["post-4827","page","type-page","status-publish","hentry","with-sidebar"],"_links":{"self":[{"href":"https:\/\/www.bates.edu\/hr\/wp-json\/wp\/v2\/pages\/4827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bates.edu\/hr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bates.edu\/hr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bates.edu\/hr\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bates.edu\/hr\/wp-json\/wp\/v2\/comments?post=4827"}],"version-history":[{"count":3,"href":"https:\/\/www.bates.edu\/hr\/wp-json\/wp\/v2\/pages\/4827\/revisions"}],"predecessor-version":[{"id":5490,"href":"https:\/\/www.bates.edu\/hr\/wp-json\/wp\/v2\/pages\/4827\/revisions\/5490"}],"up":[{"embeddable":true,"href":"https:\/\/www.bates.edu\/hr\/wp-json\/wp\/v2\/pages\/1842"}],"wp:attachment":[{"href":"https:\/\/www.bates.edu\/hr\/wp-json\/wp\/v2\/media?parent=4827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}