IRS Tax Tip 2003-40, (Feb 26, 2003) -- This tax credit, which will be available only from 2002 through 2006, could help you offset the cost of the first $2,000 contributed to IRAs, 401(k)s and certain other retirement plans, says the IRS.
The Retirement Savings Contributions Credit applies to individuals with incomes up to $25,000 ($37,500 for a head of household) and married couples with incomes up to $50,000. You must also be at least age 18, not a full-time student, and not claimed as a dependent on another person’s return.
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