Commonly Overlooked Tax Deductions

Here are three commonly overlooked credits that may reduce your taxes if you qualify.

Saver's Credit

Up to half of what you contribute to a qualified retirement plan or Individual Retirement Account if:

• You are 18 or older
• You are not a full-time student
• You are not claimed as a dependent on another’s return
• Your adjusted gross income doesn't exceed $26,000 ($52,000 if married filing jointly, or $39,000 for head of household)

Energy Credit

If you made any of the following improvements to your main home:

• Insulation or a system designed to reduce heat gain or loss
• Exterior windows (including skylights) or exterior doors
• Electric heat pump, central air conditioner, furnace, or water boiler
• Items you install must meet certain requirements for energy efficiency 

Child Tax Credit

A credit of $1,000 for each child which decreases once your adjusted gross income exceeds the 2007 limit of:

• $75,000 if single, head of household or qualifying widow(er)
• $110,000 if married filing jointly
• $55,000 if married filing separately

Neither Nationwide nor any of its representatives give tax or legal advice. Federal tax laws are complex and subject to change. Please consult your tax or legal adviser for answers to your specific questions.