Taxpayers Can Now Receive Benefits of Saver’s Credit, Retirement Savings, IRS Says

The IRS, in a Dec. 16 news release (IR-2011-121) said low- and moderate-income workers can now take steps to save for retirement and earn a special tax credit in 2011 and in the coming years.

IRS said the saver’s credit will help offset a portion of the first $2,000 workers contribute voluntarily to IRA’s and 401(k) plans along with similar workplace retirement programs, the posting said.

The saver’s credit is also known as the retirement savings contributions credit which is available in addition to other tax savings.

Eligible workers have time to make retirement contributions and get ...