Q: Dear EQUITY: I want to thank you for information in your newsletter about the Saver's Credit. I have been putting money into my Roth IRA every year but haven’t been claiming the Saver's Credit on my taxes. I've heard that I can file an amended tax form for previous years and claim that credit, but I'm not sure how. What do I need to do to get this credit for previous years?

A: Tax payers who are entitled to the credit but have not filed for it should complete form 1040X (http://www.irs.gov/pub/irs-pdf/f1040x.pdf). Submit this form (along with the W-2 or 1099) to the IRS. The only part of the form which needs completing on the 1040X would be under credits. Remember, you have 3 years from the due date of the original tax return to file any amendments, so you may be eligible for several years’ credits!

Speaking of the savers credit, new legislation has been introduced in Congress that would enable more families to save for and attend college. The Savings Enhancement for Education in College Act (H.R. 529) would expand savings incentives and help make college a reality for thousands of low-income children. This newly unveiled legislation promotes college savings by expanding the Saver's Credit to contributions to tax-free 529 college savings accounts.

The current Saver's Credit is designed to help low-and moderate-income households save only for retirement. Savings for college are essential to addressing the growing unmet financial need gap of low-income students. Even the presence of modest savings has been shown to increase college aspirations and success.

And we know that the presence of a college account leads to greater post-secondary education aspirations:

• Savings are associated with high school graduation, college enrollment, and college graduation.
• Savings increase both the probability of going to college after graduating from high school AND the chances of college graduation once enrolled.

An expanded Saver's Credit that promotes college savings and education will help thousands of students attend and complete college.

For more about these efforts, visit www.cfed.org