Check below to see how much you can save for retirement in tax-advantaged accounts in 2013. Cost-of-living adjustments are reflected in retirement account contribution limits for 2013, although catch-up contributions remain unchanged.
The adjusted gross income (AGI) limits to qualify for the saver’s credit have increased for 2013, too. The saver’s tax credit helps low- and moderate-income savers with a credit worth up to $1,000 (or $2,000 if married filing jointly).
For more information or to schedule a free consultation, contact a Horizon financial advisor at 888-873-2640 today to discuss options that work for you to manage your money effectively.
In tax year 2010, most recent year with complete figures, saver’s credits totaling just over $1 billion were claimed on more than $6.1 million individual income tax returns.
Plan to save now to take advantage of this benefit for you!