Don’t miss these credits and deductions on your 2018 tax return

PERSONAL FINANCE


Here’s a last-minute tax break you can take just before you send in your return: It’s the saver’s credit – a tax credit for making contributions to your IRA or workplace retirement plan.

Depending on your adjusted gross income, you can be eligible for a credit of up to 50 percent of your contribution. The credit begins to phase out at $19,000 for single filers or $38,000 for married-filing-jointly.

If your AGI exceeds $31,500 if you’re single or $63,000 if you’re married, you can’t take the break.

In all, the maximum credit is $2,000 if single or $4,000 if married and filing jointly.

You also have until April 15 to make a contribution to your IRA and have it count for 2018, said Lisa Greene-Lewis, CPA at TurboTax.



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