Retirement Savings Tax Credit

The Retirement Savings Contribution Credit, also known as the Saver’s Credit, gives you a credit for up to half of what you contribute to your IRA or other qualified retirement planUp to $2,000 of your annual contribution is eligible for the credit. If you are Married Filing Jointly and you and your spouse make eligible contributions, both of you may claim the credit.

You qualify for the Saver’s Credit if you are:
  • 18 or older,
  • not a full-time student,
  • not claimed as a dependent on someone else’s return, and
  • have a modest income. Generally, an income that does not exceed $53,000 if Married Filing Jointly, $39,750 if Head of Household and $26,500 if Single, Married Filing Separately or Qualifying Widow(er).
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