What is a Saver’s Credit?

A Saver’s Credit, formally the Retirement Savings Contribution Credit, is a tax credit that helps offset part of the first $2,000 you voluntarily save for your retirement through IRAs and work-based retirement savings plans. The maximum credit is $1,000 for individuals, $2,000 for married couples, but commonly is less or even zero due to income limitations. See www.irs.gov/taxtopics/tc610.html.



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