Question

I have a question about saving credit. What's the maximum Saver's Credit I can receive?

Answer

The maximum Saver’s Credit is $1,000 per individual. If you file jointly, each spouse can receive the $1,000 Saver’s Credit, if eligible. The Saver’s Credit, formerly called the Retirement Savings Contributions Credit, provides a special tax break to low- and moderate-income taxpayers who are actively saving for retirement. Your filing status and adjusted gross income affect the amount of the credit at the rates of 50%, 20%, or 10% of your retirement plan or IRA contributions up to a contribution amount of $2,000. See the IRS publication form 8880 and instructions at www.irs.gov to see the rate of credit you are eligible for.

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