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Personal Finance and Savings

Retirement Saver’s Credit

What is the Retirement Saver’s Credit and how can you qualify for it?

Retirement Savings Contribution

You may be eligible for a tax credit (Saver’s Credit) if you contribute to a retirement account such as an IRA or an employer-sponsored plan such as a 401(k). You may also be able to take a credit on contributions to your Achieving a Better Life Experience (ABLE) account if you are the designated beneficiary.

The Saver’s Credit is 50%, 20%, or 10% on the first $2,000 ($4,000 if Married Filing Jointly) contributed to a retirement plan or ABLE account based on your adjusted gross income – up to $64,000 if Married Filing Jointly, $48,000 if Head of Household, and $32,000 for all other filing statuses. Rollover contributions are not eligible for the Saver’s Credit and your eligible contributions may be reduced by any recent distributions you received from your plan.

To qualify you must be age 18 or older, a non-student, and not an eligible dependent for any other taxpayer(s).

Tip/Help

Use the chart to determine the amount of your Saver’s credit, based on your adjusted gross income (AGI).

 

2019 SAVER'S CREDIT

Credit Rate

Married Filing Jointly

Head of Household

All Other Filers

50% of Your Contribution

AGI not more than $38,500

AGI not more than $28,875

AGI not more than $19,250

20% of Your Contribution

$38,501 - $41,500

$28,876 - $31,125

$19,251 - $20,750

10% of Your Contribution

$41,501 - $64,000

$31,126 - $48,000

$20,751 - $32,000

0% of Your Contribution

More than $64,000

More than $48,000

More than $32,000

 

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