The savers credit is a $1000 maximum amount. Please read the following Turbo Tax article for further information. this may be a couple of reasons why your credit was limited.
- The biggest credit amount a married couple filing jointly can claim together is $2,000. $1000 if filing single.
- But, if you and/or your spouse took a taxable distribution from your retirement account during the two years prior to the due date for filing your return (including extensions), that distribution reduces the size of the Savers Credit available to you.
- The Savers Credit is a 'non-refundable' tax credit. That means this credit can reduce the tax you owe to zero. This means it may either provide a full credit or a partial credit.
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