Savers credit

Does the savers credit is in effect for this tax year? Can someone still get the saver's credit if the person has an employer sponsored 401k?

posted

Hello,

Yes, savers credit is available for Tax Year 2022, if you are eligible taxpayers who make salary deferral contributions to employer-sponsored 401(k), 403(b), SIMPLE, SEP, thrift savings plans (TPS), or governmental 457 plans.3 It is also available to those who contribute to traditional and/or Roth IRAs. So contributing to employer sponsored 401K makes you eligible for savers credit.

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