I have a question about saving credit. What’s the maximum Saver’s Credit I can receive?
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.
Discover your tax filing status if married to a non-resident alien with help from the tax experts from H&R Block.
Can you claim a child tax credit if Social Security is your only source of income? Learn more from the tax experts at H&R Block.
Looking for more information about your Nebraska refund? Find out details on how to check your refund status, who to contact, and more from H&R Block.
Should you take the standard mileage deduction or claim actual expenses? Learn more from the tax experts at H&R Block.