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Low
Income Tax Credit for Retirement Contributions
(Only 2002-2006)
To
encourage low-income taxpayers to make
contributions to IRA, Roth-IRA, 401(k) & other
retirement plans.
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Based
on Adjusted Gross Income (AGI)
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Head
of |
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Maximum |
Maximum |
| Credit
% |
Single |
Household |
Joint |
Contribution |
Tax
Credit* |
| 50% |
Up
to $15,000 |
Up
to $22,500 |
Up
to $30,000 |
$2,000 |
$1,000 |
| 20% |
$15,001-$16,250 |
$22,501-$24,375 |
$30,001-$32,500 |
$2,000 |
$200 |
| 10% |
$16,251-$25,000 |
$24,376-$37,500 |
$32,501-$50,000 |
$2,000 |
$100 |
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*Claimed
on tax return |
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Additional
Information  |
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