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IRS Describes Tax Credit for Contributions to Pension Plans and IRAs
Washington, DC, October 12, 2001 - The Internal Revenue Service has issued Announcement 2001-106, which describes the new “saver’s credit” available to eligible taxpayers who contribute to retirement plans or IRAs in taxable years beginning after December 31, 2001 and before January 1, 2007. The credit was established under the Economic Growth and Tax Relief Reconciliation Act of 2001.
The announcement provides a description of the saver’s credit in a “question-and-answer” format. Additionally, the announcement includes a sample notice that employers may provide to employees to explain the credit.