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There’s a little known tax credit for people who have low to moderate income and are putting money aside to save for retirement. The Saver’s Credit is available to eligible taxpayers to use in conjunction with the tax deduction they may already have qualified for by contributing to an IRA.
If your adjusted gross income is below $30,750 as an individual, $46,125 as a head of household or $61,500 as a married couple in 2016, you might be eligible for tax credit. It can be worth between 10 and 50 percent of the amount you contribute to an IRA up to $2,000 for individuals and $4,000 for couples. You would receive the tax credit on top of the benefits of a tax-free or tax-deferred retirement fund contribution.
The Saver’s Credit applies to contributions made to a traditional or Roth IRA, a 401(K) plan, a SIMPLE IRA, a SARSEP, your 403(b) plan, 501(c)(18) plan or a governmental 457(b) plan. Voluntary after-tax employee contributions to a qualified retirement and 403(b) plans may also be eligible for the tax credit.
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