Individual Income Tax Filing: Tax Credits: Retirement Savings Contributions Credit
This dataset tracks individual income tax filing: tax credits: retirement savings contributions credit over time.
Latest Value
8457550.00
Year-over-Year Change
59.92%
Date Range
1/1/2002 - 1/1/2016
Summary
The Retirement Savings Contributions Credit tracks the total value of tax credits claimed by eligible taxpayers for contributing to qualified retirement savings accounts. This measure is important for understanding trends in household retirement preparedness and the effectiveness of tax incentives to promote private retirement savings.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Retirement Savings Contributions Credit is a federal tax credit available to eligible low- and moderate-income taxpayers who make contributions to qualified retirement accounts. It is designed to encourage retirement savings, especially among those with limited financial resources.
Methodology
The data is collected from individual income tax returns filed with the Internal Revenue Service.
Historical Context
This metric is closely monitored by policymakers, financial institutions, and retirement researchers to assess the take-up and impact of this tax credit.
Key Facts
- The credit is worth up to $2,000 for eligible taxpayers.
- Eligibility phases out at higher income levels.
- Participation in the credit has grown over time.
FAQs
Q: What does this economic trend measure?
A: The Retirement Savings Contributions Credit measures the total value of tax credits claimed by eligible taxpayers for contributions to qualified retirement savings accounts.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding trends in household retirement preparedness and the effectiveness of tax incentives to promote private retirement savings.
Q: How is this data collected or calculated?
A: The data is collected from individual income tax returns filed with the Internal Revenue Service.
Q: How is this trend used in economic policy?
A: This metric is closely monitored by policymakers, financial institutions, and retirement researchers to assess the take-up and impact of this tax credit.
Q: Are there update delays or limitations?
A: The data is subject to typical lags in tax return processing and publication.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Credits: Retirement Savings Contributions Credit (RTSCBCT), retrieved from FRED.