Retire Confidently Podcast

The Saver's Tax Credit

March 27, 2023 Telton W. Hall
Retire Confidently Podcast
The Saver's Tax Credit
Show Notes

The Saver's Tax Credit is referred to in IRS tax forms as the “Credit for Qualified Retirement Savings Contributions.” This non-refundable credit may be helpful if matched-savings plans, such as Individual Development Accounts (IDAs), are not available or when saving for retirement is a high priority.

The Saver's Credit is a great way for low- and moderate-income individuals or couples to save for retirement while also saving money on their taxes. The credit is worth a maximum of $1,000 ($2,000 if you file jointly) and there are three tiers of the credit.

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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.