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.

Related Topics

Related Resources

Can I receive a tax refund if I owe for a prior year’s federal taxes since I am currently making payments under an insta

Investment Tax Credit – Form 3468

Learn more about the different credits that form the investment credit and get tax answers at H&R Block.

Is the child tax credit and EIC the same thing?

Is the child tax credit the same as the EIC? Learn more from the tax experts at H&R Block.

I have a 1098-T from my child’s college. It reports her tuition and fees, scholarships, and grants. She also has student

Learn whether you can claim the American Opportunity Credit if you received a 1098-T form from your dependents college with advice from H&R Block.