What is the Savers Tax Credit?
Struggling with low wages? Can’t afford to contribute to an IRA. There may be help! Get all you need to know about the Savers Tax Credit here. Start your journey to financial independence by getting rid of any credit card debt with the free, 7-Step Credit Card Debt Slasher.
Can the Savers Tax Credit Help Me?
Think tax loopholes are only for the rich? Think again.
Tax loopholes are available to all of us. In fact, there’s a tax credit available only to people who make less than $30,000 a year for contributing to a retirement savings account.
So, how does the retirement saver’s tax credit work? And how do you know if you’re eligible?
Natalie Kolodij is the real estate tax strategist behind Kolodij Tax and Accounting, where she leverages innovative tax strategies to help clients escape the 9-to-5. Natalie has eight years of experience as an accountant and tax specialist, and she has been running her own firm since 2017.
On this episode of Queer Money®, Natalie joins us to discuss the retirement saver’s tax credit, describing how it rewards those of us in a lower tax bracket for contributing to our retirement savings.
Natalie explains how eligibility for the saver’s tax credit is determined by adjusted gross income and walks us through the AGI limits for Single, Married Filing Jointly and Head of Household filers.
Listen in for Natalie’s insight on strategizing to take full advantage of the retirement saver’s tax credit and find out if you qualify for a $1,000 credit on your tax bill this year.
Listen in to hear about the Savers Tax Credit with Natalie:
- Natalie’s experience in tax strategy and why she’s committed to helping people escape the 9-to-5
- What the saver’s tax credit is and how it benefits people in a lower tax bracket
- How the saver’s tax credit compounds the benefit of contributing to your retirement account
- The difference between a tax credit and a tax deduction
- How eligibility for the saver’s tax credit is determined by adjusted gross income or AGI
- Natalie’s definition of AGI and examples of the variables that lower our taxable income
- The saver’s tax credit AGI limits for single filers, married couples filing jointly and heads of household
- Where to go for free or low-cost tax preparation services
- How to determine if you’re eligible for the saver’s tax credit
- Natalie’s insight on strategizing to take full advantage of the saver’s tax credit
- Who benefits most from the saver’s tax credit (and why it’s particularly useful if you’re self-employed)
Previous 3 Podcast Episodes
- 9 Steps to Retire Fast(er)
- How to Find Your Ikigai (and Find Your Purpose)
- How do Roth Conversion Ladders Work?
Connect with Natalie
- Kolodij Tax & Consulting
- Kolodij Tax on Facebook
- Natalie on Facebook
- Real Estate Tax Strategist on YouTube
- Saver’s Tax Credit
- Schedule 1 for Calculating Adjusted Gross Income
- AARP Free Tax-Aide Program
- Volunteer Income Tax Assistance (VITA)
- 7-Step Credit Card Debt Slasher Guide
Connect with David and John
- Debt Free Guys on Facebook
- Debt Free Guys on Twitter
- Debt Free Guys on Youtube
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on iTunes
- Email [email protected]
We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.
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