Retirement Savings Contribution  Tax Credit

The retirement savings contribution tax credit, or Savers Credit, is used by individuals who make eligible contributions to certain types of retirement plans designed as a tax savings mechanism and incentive for individuals in a lower tax bracket to save for retirement.

Types of Retirement Accounts – Retirement Savings Tax Credit

• Traditional IRA
• Roth IRA
• SEP-IRA
• Simple IRA
• 401K
• Other employer sponsored retirement plans

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Qualifications – Retirement Savings Tax Credit

• Your credit depends on your tax bracket, filing status, and income limits apply
• The tax credit is a percentage of your total contribution to a retirement plan
• Your age must be 18 or older
• Your parents can not claim you as a dependent
• A full time student is not eligible

Income Limitations – Retirement Savings Tax Credit

• Single, filing separately, widow with adjusted gross income less than $27,751
• Head of Household with adjusted gross income less than $41,626
• Married Filing Jointly with adjusted gross income less than $55,500

Tax Credit Amount – Retirement Savings Tax Credit

• $1,000 maximum for single filing status
• $2,000 maximum for married filing status

Distributions- Retirement Savings Tax Credit

•  Distributions from eligible retirement plans within two years before the savers tax credit is taken must be deducted from the contribution amount

Tax Benefit – Retirement Savings Tax Credit

•  You still may be able to deduct the full amount of the retirement contribution and also receive the retirement tax credit

Tax Form – Retirement Savings Tax Credit

•  Take the retirement tax credit on Form 8880, Credit for Qualified Retirement Savings Contributions

Tax Tip-  Get up to a 50% retirement contribution tax credit of your retirement contribution !