If someone offered you free money, you'd take it, right?
Apparently not, or at least not when it comes to tax credits.
Only 1 in 4 Americans who are eligible for the retirement saver's tax credit are even aware of it, according to survey data from the Transamerica Center for Retirement Studies.
Perhaps that's because the average claims are not large: They came to $215 for joint filers, $165 for heads of households and $127 for single filers as of 2012, according to the IRS. But the claims totaled $1.2 billion, and with awareness so low, that suggests billions of dollars in credits are going unclaimed.
"Most people don't like to think about taxes, even when there is a credit involved," said Catherine Collinson, president of the center. "Whereas people are very familiar with the ability to save for retirement on a tax-deferred basis, it sounds almost too good to be true that they could also get a credit for saving."