Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
carrie73
New Member

For the retirement savings contributions credit, is that your regular retirement held out of your check or just extra retirement such as IRAs, etc

 
1 Reply
LindaB1993
Expert Alumni

For the retirement savings contributions credit, is that your regular retirement held out of your check or just extra retirement such as IRAs, etc

The retirement savings contribution credit is not the contributions you put into your retirement account.  Formerly called the Retirement Savings Contributions Credit, the Savers Credit gives a tax credit to low- and moderate-income taxpayers who are saving for retirement. This credit is in addition to the other tax benefits for saving in a retirement account. 

 

The saver's credit is a tax credit for eligible taxpayers who contribute to an employer-sponsored retirement plan or a traditional and/or Roth IRA. The amount of the credit is based on your retirement plan contributions, tax filing status, and adjusted gross income (AGI)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v