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Level 2
posted Sep 28, 2022 9:12:54 AM

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?

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1 Replies
Expert Alumni
Sep 28, 2022 9:22:16 AM

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.