#Good news! The IRS has extended the tax deadline to April 18th! As long as you submit your federal return by midnight on 4/18/2018, you won't be considered a late filer for your federal return. Direct debit tax payments that are submitted with your federal return (or on the IRS website) by 4/18 are also considered timely filed ×

How do I qualify for the Retirement Savings Contributions Credit (Saver’s Credit)?

You may be able to take a tax credit for making eligible contributions to your IRA or employer-sponsored retirement plan. To qualify for the credit, you must meet certain criteria.

Here are some tax facts that can help you determine if you qualify for the Retirement Savings Contributions Credit (Saver’s Credit).

You're eligible for the credit if you're:

  • Age 18 or older;
  • Not a full-time student; and
  • Not claimed as a dependent on another person’s return.

The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA contributions up to $2,000 ($4,000 if married filing jointly), depending on your adjusted gross income (reported on your Form 1040 or 1040A).

For more detailed information on Retirement Savings Credit, check out the IRS website.

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