Retirement
Savings Contributions Credit (Saver’s Credit)
You may be
able to get a tax credit for making eligible contributions to your IRA or
employer-sponsored retirement plan.
Who's eligible for the credit?
You're eligible for the credit if
you're:
- Age 18 or older;
- Not a
full-time student; and
- Not claimed
as a dependent on another person’s return.
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Amount of the credit
The amount of the credit is 50%,
20% or 10% of your retirement plan or IRA contributions up to $2,000 ($4,000 if
married filing jointly), depending on your adjusted gross income (reported on
your Form 1040 or 1040A).
In
2017, the maximum adjusted gross income for Saver's Credit eligibility is
$62,000 for a married couple filing jointly, $46,500 for a head of household,
and $31,000 for all other taxpayers. The maximum credit you can claim phases
out as your income increases.
