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Are you eligible for the saver’s tax credit?

Posted 7/21/23

Formerly called the Retirement Savings Contributions Credit, the Saver’s Credit gives a special tax break to low-to-moderate income workers who are saving for retirement. Contributions to a 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. According to one survey, only 12 percent of American workers with annual household incomes of less than $50,000 are aware of the Saver’s Credit.  

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