JamesG1
Expert Alumni

Get your taxes done using TurboTax

Based on your income and filing status, your contributions to a qualified employer-sponsored retirement plan may lower your tax bill by up to $2,000 through the Saver's Credit

 

This credit directly reduces your tax by a portion of the amount you put into your retirement plan.  Your contributions are likely reported in box 12 of a W-2 in your tax return.

 

Taxpayers who contribute to qualified employer-sponsored retirement plans, IRAs, or ABLE plans are required to complete IRS Form 8880 to claim the Saver's Tax Credit.

 

@zoradanielle 

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