C'mon, IRS, Don't Be So Shy!

A couple of Senators want the IRS to speak up a bit about one of it's benefits.

In a letter to Acting IRS Commissioner Kevin Brown Senators Max Baucus (D-MT) and Chuck Grassley (R-IA) asked that the Saver's Credit receive a bit more publicity.

The Saver's Credit is a dollar to dollar tax deduction - up to $2000 - available to American tax payers that make contributions to a retirement account.

The Senators acknowledge that many taxpayers have taken advantage of this savings incentive but millions more haven't, most likely because they simply don't know about it. The lawmakers would like the IRS to make this deduction better known to the American taxpayer through a variety of measures, including adding a specific line for it to the 1040EZ form.