IRS reminders as filing deadline approaches

Get credit for your retirement savings contributions: You may be eligible for a tax credit if you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement. Here are six things the IRS wants you to know about the Savers Credit: Income limits: The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status and income of single, married filing separately, or qualifying widow(er), with income up to $27,750; head of household with income up to $41,625; or married filing jointly, with incomes up to $55,500 Credit amount: If you make eligible contributions to a qualified IRA, 401(k) and certain other retirement plans, you may be able to take a credit of up to $1,000 or up to $2,000 if filing jointly. The credit is a percentage of the qualifying contribution amount, with the highest rate for taxpayers with the least income. Other tax benefits: The Retirement Savings Contributions Credit is in addition to other tax benefits which may result from the retirement contributions. For example, most workers at these income levels may deduct all or part of their contributions to a traditional IRA. Contributions to a regular 401(k) plan are not subject to income tax until withdrawn from the plan. Change your IRS address records: You can change your address on file with the IRS in several ways: write the new address in the appropriate boxes on your tax return; use Form 8822, Change of Address, to submit an address or name change any time during the year; give the IRS written notification of your new address by writing to the IRS center where you file your return. Include your full name, old and new addresses, Social Security Number or Employer Identification Number and signature. If you filed a joint return, be sure to include the information for both taxpayers. If you filed a joint return and have since established separate residences, each spouse should notify the IRS of their new address; and should an IRS employee contact you about your account, you may be able to verbally provide a change of address. Don’t be scammed by fake IRS communications. The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. The goal of these scams - known as phishing - is to trick you into revealing personal and financial information. The scammers can then use that information - like your Social Security number, bank account or credit card numbers - to commit identity theft or steal your money. The IRS doesn’t ask for detailed personal and financial information like PIN numbers, passwords or similar secret access information for credit card, bank or other financial accounts. The IRS does not initiate taxpayer communications through e-mail and won’t send a message about your tax account. If you receive an e-mail from someone claiming to be the IRS or directing you to an IRS site: do not reply to the message; do not open any attachments; and do not click on any links. The address of the official IRS website is http://www.irs.gov. If you receive a phone call, fax or letter in the mail from an individual claiming to be from the IRS but you suspect they are not an IRS employee, contact the IRS at 1-800-829-1040 to see if the IRS has a legitimate need to contact you. Details on how to report specific types of scams and what to do if you’ve been victimized are available at http://www.irs.gov, keyword “phishing.”