Want a Special Tax Break?
The savers tax credit gives a special tax break to people saving for retirement.
Few people take advantage of this tax break because they don’t know about it. See if you are qualified. If you are, it can reduce your tax bill.
To claim the Saver’s Credit, you must be:
- Over 18
- Not a full-time student
- Not a dependent on someone else’s taxes
The amount of the credit you can receive depends on your adjusted gross income (AGI). The credit can be 50%, 20%, or 10% of your retirement plan or IRA, up to $2,000 if filing single or $4,000 if married and filing jointly.
For 2018, the adjusted gross income (AGI) eligibility requirements for the Saver’s Credit.
Percent of Retirement Savings Contribution that Qualifies for the Savers Credit
Married Filing Jointly AGI
Head of Household AGI
Single Filing AGI
|20%||$38,001 – $41,000||$28,501 – $30,750||$19,001 – $20,500|
|10%||$41,001 – $63,000||$30,751 – $47,250||$20,501 – $31,500|
For more information about the Saver’s Credit, please click to here to be directed to the IRS website.