Human Resources |
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March 13, 2012,
Volume 58, No. 25 |
Are You Eligible for a Tax Credit?
Tax season is in full swing, and many of you may be looking for ways to get more money back this year. Well, with the Saver’s Credit, you can.
If you’re currently saving for retirement and fall within certain income limits, the Saver’s Credit could reduce your tax bill by as much as $1,000. The actual percentage is based on your tax filing status and gross income.
For instance, let’s say you’re single and your adjusted gross income is less than $17,000. If you contributed $2,000 to your retirement plan last year, you’re eligible for a 50% tax credit. That means you can reduce your tax bill by $1,000!
Wondering if you qualify? Take a look at the chart below to see if you can take advantage of this valuable tax credit. Keep in mind that if you’re claimed as a dependent on someone else’s tax return, you’re not eligible for the Saver’s Credit.
For more details, visit the Internal Revenue Service website at www.irs.gov
—Division of Human Resources
Modified Adjusted Gross Income |
Credit % |
Maximum Tax Credit* |
Married Filing Jointly |
Head of Household |
Single |
$0-$34,000 |
$0-$25,500 |
$0-$17,000 |
50% of first $2,000 deferred |
$1,000 |
$34,001-$36,500 |
$25,501-$27,375 |
$17,001-$18,250 |
20% of first $2,000 deferred |
$400 |
$36,501-$56,500 |
$27,376-$42,375 |
$18,251-$28,250 |
10% of first $2,000 deferred |
$200 |
*According to the IRS, the maximum annual contribution eligible for the Saver’s Credit is $2,000.
Long-Term Care Enrollment
This April, you’ll have a special opportunity to enroll for long-term care insurance with Penn’s new vendor, Genworth Financial.
An accident, illness or chronic disease can strike anyone—and at any age. If it happens to you or your loved ones, will you be financially prepared? Long-term care insurance can help you cover some of the costs of long-term care services received at home, in the community or in a nursing facility.
Eligible employees can enroll for long-term care coverage through Genworth during a special enrollment period that runs from Monday, April 2–Friday, April 27. If you enroll during this period, you’ll be guaranteed acceptance into the plan regardless of your health status. Certain family members are eligible for coverage as well, but they must provide proof of good health. Coverage will take effect on June 1, 2012.
If you already have an existing long-term care contract with our previous vendor—John Hancock—you’ll retain your coverage, but will have the opportunity to enroll with Genworth later this year.
You’re encouraged to attend an upcoming information session to learn more about long-term care insurance and whether it’s right for you. You can also visit the Human Resources website at www.hr.upenn.edu for more information.
—Division of Human Resources
Long-Term Care Information Sessions |
April 3 |
10 a.m. and 2 p.m. (2 presentations) |
Terrace Room, Claudia Cohen Hall |
April 5 |
10 a.m. and 2 p.m. (2 presentations) |
Open Enrollment Presentations
Learn more about the changes and enhancements to benefits for the 2012–2013 plan year at one of the following presentations. Presentations will begin at the times listed below; they run for 45 minutes and are followed by a Q&A session. Any Penn faculty or staff member may attend any of these sessions.
March 13 noon, Business Services, 4th floor board room, 3401 Walnut Street
March 20 11:30 a.m., Wolf Room, McNeil Center
March 21 2 p.m., Alumni Hall, New Bolton
March 23 noon, Room 351, Steinberg Hall-Dietrich Hall
March 26 9 a.m., Conference Room #1, Left Bank Building
March 29 11:30 a.m., Auditorium, BRB II/III
March 30 12:30 p.m., Sig Seigal Boardroom, Evans Building
April 2 9 a.m. and 12:30 p.m., Hall of Flags, Houston Hall
April 9 noon, Room 218, Fagin Hall
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