Nazarene ministers may be eligible to receive a tax credit of up to $1,000 for contributions made to their 403(b) retirement accounts in 2015. The Tax Savers Credit is in addition to the tax advantages already available through the Nazarene 403(b) Retirement Savings Plan.
Additionally, a couple filing a joint return could be eligible for a tax credit of up to $1,000 each (for a total of $2,000) if both contribute to their workplace savings plan.
For 2015, their Adjusted Gross Income (AGI) cannot be more than:
- $61,500 if you are married and file a joint tax return
- $46,125 if you file as head of household on your tax return
- $30,750 if you file single, married filing separately or as a qualifying widow(er)
- Must be 18 or older by January 2 of the year for which the claim is being made
- Cannot be a full-time student
- Cannot be claimed as an exemption or dependent on another person’s tax return
Only voluntary contributions to the Nazarene 403(b) Retirement Savings Plan are eligible for the tax credit.
For more information on the Federal Retirement Savings Tax Credit and how you might benefit from it, visit the IRS website here.