Today, I'm gonna talk about the saver's credit. I'm also gonna show you how to save money on your taxes and point out a mistake that's on the IRS website, so you don't get confused and to make sure that you're saving the most you can both in retirement and in taxes. If this is your first time at our channel or you haven't subscribed, click on the subscribe button at the bottom. My name is Travis Sickles, a certified financial planner, and we're still under financial advisers. The saver's credit is a great way to save for your future into a traditional IRA, Roth IRA, 401k, or other retirement plan and also get a huge tax benefit, but you have to make sure that your income is at a certain level in order to receive those benefits. Now, before we get into those income limits, let's talk about what the saver's credit could do for you. The saver's credit can actually save you a few thousand dollars in tax liability. So, if you have a tax bill of, say, four or five thousand dollars at the end of the year, the saver's credit reduces that by up to two thousand dollars. But your income has to be at a certain level, so let's go into those income levels and let's start there. So, let's zoom in to the chart behind me and take a little bit closer look at what you need to do in order to take advantage of the saver's credit. Now, depending on your filing status, it will determine how much of the saver's credit and at what income level you can actually reach. So, let's take a look at this first column, and this is married filing jointly. If you're filing married filing jointly and you're making less than...
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8880 for 2024 Form: What You Should Know
Include the date, name of the individual, address, and SSN. Line 4. If the individual does not have a SSN, you may enter the employee's date of birth followed by a space. A space means an individual is not required to enter their social security number. Line 5. This line must be completed and labeled “Employee Number.” Line 6. Enter all the following: Line 1. Enter the employee's name. Line 2. Enter the employee's SSN or Social Security number if it is known. Line 3. The employee's address. Place the full address (not including street address or ZIP code) in this line. Line 4. Enter the number of individuals who work for the employer in the form of multiple-line items following the first line of the box, if available. Example: “Two (2) or more (X)” means all the individuals, regardless of age, can be worked by this line of code. If the number of individuals is not available, enter “0.” Line 5. Enter the number of individuals who work for the employer in the form of multiple-line items following the first line of the box. Example: “Two (2) or more (X)” means all the individuals, regardless of age, can be worked by this line of code. If the number of individuals is not available, enter “0.” Line 5. Enter the number of individuals who earn an income from working for the employer in the form of multiple-line items following the first line of the box. Example: “Two (2) or more (X)” means all the individuals, regardless of age, can be worked by this line of code. If the number of individuals is not available, enter “0.” Line 5. Enter the number of individuals who earn an income from working for the employer in the form of multiple-line items following the first line of the box. Example: “Two (2) or more (X)” means all the individuals, regardless of age, can be worked by this line of code. If the number of individuals is not available, enter “0.” Line 5. Enter the number of individuals who work as employees for the employee in the form of multiple-line items following the first line of the box. Example: “Two (2) or more (X)” means all the individuals, regardless of age, can be worked by this line of code.
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