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.