The Savers Credit

The Savers Credit is designed to help recent graduates, career changers, part-timers, small business owners and others with adjusted gross incomes up to $63k in 2018 (married couples filing joint), save money for retirement.

“Savers” receive a tax break of 10%, 20% or 50% of qualifying contributions to retirement plans (reduced for certain distributions), depending on their adjusted gross incomes. The Savers Credit is non-refundable and subject to limitations. The Savers Credit is in addition to any IRA deduction claimed on your individual income tax return (Form 1040). Tax savings of up to $1000, $2000 for married couples, with this credit. Find out who’s eligible and which contributions count with SoundCPA Insights.

SoundCPA Insights Financial & Tax Reporting