I was reading up on the Tax Saver Credit What Is the Tax Saver's Credit? | eHow.com
and while my AGI is too high to qualify while I'm working, I'm wondering if I could use this after I early retired (in my 50's)? I plan on living off CD's during my early retirement and during this period the only income would be my wife's pension which she is collecting now. I studied IRS Publication 590 and it seems she could divert $1K to $2K per year towards a traditional or Roth IRA and this number would come right off my taxes. Am I reading this right? Anyone currently taking this credit while in early retirement?
and while my AGI is too high to qualify while I'm working, I'm wondering if I could use this after I early retired (in my 50's)? I plan on living off CD's during my early retirement and during this period the only income would be my wife's pension which she is collecting now. I studied IRS Publication 590 and it seems she could divert $1K to $2K per year towards a traditional or Roth IRA and this number would come right off my taxes. Am I reading this right? Anyone currently taking this credit while in early retirement?