Is there a special tax credit for low-income savers?

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Is there a special tax credit for low-income savers?

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Yes. Eligible savers will receive a tax credit of up to 50 percent on up to $2,000 in contributions to an IRA, 403(b), 457, SIMPLE, 401(k) plan and other tax-favored plans. For 2008, the full credit is available to joint filers whose adjusted gross income (AGI) is less than $53,000, and for singles whose AGI is under $26,500.

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