Formerly called the Retirement Savings Contributions Credit, the Saver’s Credit gives a special tax break to low- and moderate-income workers who are saving for retirement.
Contributors to traditional or Roth IRA, 403(b), 457 and 401(k) plans are eligible to claim the saver’s credit, a tax credit worth up to $1,000 for individuals and $2,000 for married couples. Workers can claim this credit in addition to the tax deduction they also get for their retirement-account contributions.
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