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).