Saver’s Credit

You may be entitled to a saver’s tax credit if you make eligible contributions to an IRA or a work retirement plan. You have until April 15th of the current year to make the contribution.

Per the IRS, below are the specifications of the credits:


  • Individual is 18 or older
  • Individual is not claimed as a dependent in someone else’s return
  • Individual is not a student

Credit Amount: 

  • The maximum contribution amount is $2,000 ($4,000 if married filing jointly). This makes the credit $1,000 ($2,000 if married filing jointly)  
  • Credit is dependent upon your adjusted gross income (AGI) reported on 1040 (see table below), the credit will be 50%, 20%, 10% of:
    • Contributions to a traditional or Roth IRA
    • Contributions to 401(k), 403(b), governmental 457(b), SARSEP, or SIMPLE plan through salary deferral
    • Employee contributions made after-tax to a qualified retirement plan (including the federal Thrift Savings Plan) or 403(b) plan
    • Contributions to a 501(c) (18)(D) plan
    • Contributions made to an ABLE account for which you are the designated beneficiary (beginning in 2018)
  • Contributions that don’t qualify
    • Rollover contributions
    • Eligible contributions can be reduced by distribution made from a retirement plan, IRA, or from an ABLE account

Saver’s Credit Table

Credit RateMarried Filing JointlyHead of HouseholdAll Other Filers*
50% of your contributionAGI not more than $43,500AGI not more than $32,625AGI not more than $21,750
20% of your contribution$43,501 – $47,500$32,626 – $35,625$21,751 – $23,750
10% of your contribution$47,501 – $73,000$35,626 – $54,750$23,751 – $36,500
0% of your contributionMore than $73,000More than $54,750More than $36,500
*Single, married filing separately, or qualifying widow(er)

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