According to the Transamerica Center for Retirement Studies, only 12 percent of working Americans eligible for a retirement savings contributions tax credit are aware that this credit exists.
Like other tax credits, the "Saver's Credit," can increase a taxpayer's refund or reduce the tax owed. The credit helps offset part of the first $2,000 workers voluntarily contribute to individual retirement arrangements, 401(k) plans and similar workplace retirement programs. Credits of up to $1,000 for single-filers, and $2,000 for married couples, are available.
The credit is available to workers aged 18 years or older who have contributed to a company-sponsored retirement plan or IRA in the past year and meet the Adjusted Gross Income requirements.
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