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Progress Continues to Assist Taxpayers
Progress continues its focus on assisting the "Working Poor" through tax preparation and financial education. Lately we have been busy with an initiative funded by Filene Research Institute to determine the efficacy of the Savers' Credit for Credit Union clients. We have several CUs throughout the nation ready to start and several more interested. The program is designed to encourage savings in the form of retirement accounts, funded on a regular basis. This, of course, has the benefit of establishing accounts at the CU. Once established and funded regularly, the savings can become a federal tax credit for the individual who established the account. The final additive is knowledge; using modules that focus on the benefits of saving for retirement.
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How can credit unions participate?
How does the Savers' Credit work?
Saver's Credit Breakdown
Formally known as the Credit for Qualified Retirement Savings Contibutions, the Saver's Credit is designed to provide an incentive to income and age eligible participants who contribute to a qualified retirement account to receive credit towards their years' tax bill. Although it's a nonrefundable credit, meaning the taxpayer cannot receive a larger federal refund, it will reduce any tax liability the taxpayer may have incurred and need to pay. For instance a taxpayer may not have requested enough federal taxes to be witheld on their W-4 and upon filing realized they owe money to the government, but if they meet the criteria for the Saver's Credit the credit received could reduce the amount of tax owed. It's a credit which is often overlooked but hopefully with this pilot program we can increase the awareness for the tax credit.
Stephanie Thompson
Americorps VISTA