Intel Strategy for Achieving Wealth and Off Topic Message Board

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Technology Stocks : Intel Strategy for Achieving Wealth and Off Topic

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To: Sonny McWilliams who wrote (27002)	1/12/2002 3:39:22 PM
From: Sonki	Read Replies (1) of 27012

Here is a new IRA "tax credit" that might help some one. i m not sure if ROTH ira will qualify? Happy news year to all.... Any one know if Frank retired from his job? I was concerned over the sept -oct time frame? ====================== following email i got from Fools...... What Is It? Focus on that word "credit." That makes this even better than a tax deduction because a credit reduces your federal taxes dollar-for-dollar. The credit will equal 10%-50% of the first $2,000 you contribute to your IRA and/or employer-sponsored retirement plan. For example, let's say Hungry Jack and Aunt Jemima get married and -- besides making a great breakfast and beefy kids -- have a joint income of $36,000. They each contribute $2,000 to their deductible traditional IRAs, which reduces their AGI to $32,000 and saves them $600 in taxes. But they'll also get a saver's credit for $800 (20% of $4,000). So they've saved $1,400 in taxes, and added $4,000 to their nest egg (which will be served with lots of pancakes).

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