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