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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

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Roth IRA SECRET Tax Deduction #shorts: What You Should Know

When it comes to saving for retirement, many people are familiar with traditional Individual Retirement Accounts (IRAs) and employer-sponsored 401(k) plans. However, there’s another option that may not be as well-known but offers a unique tax advantage: the Roth IRA. But did you know that there’s a little-known tax deduction associated with Roth IRAs?

That’s right – if you qualify, you could be eligible for what’s known as the Retirement Savings Contribution Credit, also called the Saver’s Credit or the Retirement Savings Contributions Credit. This credit can help reduce your tax bill while also encouraging you to save for retirement.

So, what is the Retirement Savings Contribution Credit, and who is eligible for it?

The Retirement Savings Contribution Credit is a tax credit based on the amount of money you contribute to a qualified retirement plan or individual retirement account (IRA) such as a Roth IRA. The credit is intended to help low- to moderate-income individuals save for retirement and can be worth up to $2,000 per year for married couples filing jointly or up to $1,000 per year for single filers.

To be eligible for the Retirement Savings Contribution Credit, you must meet several requirements. First, your income must fall below certain limits based on your filing status. For 2021, the income limits are:

– Single filers with an adjusted gross income (AGI) of $33,000 or less
– Head of household filers with an AGI of $49,500 or less
– Married filing jointly filers with an AGI of $66,000 or less

Second, you must be at least 18 years old and not a full-time student. Third, you must not be claimed as a dependent on someone else’s tax return. Finally, you must make eligible contributions to a qualified retirement plan or IRA, which includes Roth IRAs.

If you meet all the eligibility requirements, you can claim the credit on your tax return. The credit is non-refundable, which means it can’t reduce your tax liability below $0. However, any unused portion of the credit can be carried forward to future tax years.

In conclusion, the Retirement Savings Contribution Credit is a little-known tax deduction that can help you save for retirement and lower your tax bill. If you’re eligible, consider contributing to a Roth IRA or other qualified retirement plan and claim the credit on your tax return. Talk to a tax professional or financial advisor for more information about how you can take advantage of this tax deduction.