Uncle Sam Helps You Save More
Find out if you're eligible for the Saver's Credit.
The Saver's Tax Credit rewards low and moderate income taxpayers who are working hard and need more help saving for retirement. If you qualify, it gives you a federal income tax credit on your federal income tax return – just for investing for retirement through your IRA, 403(b), 457 and/or 401 plan.
The Saver's Tax Credit is a non-refundable income tax credit that could reduce your federal income tax liability to $0.
Your eligibility depends on two things: your filing status and your modified adjusted gross income.
These charts help you find out if you qualify for the Saver's Tax Credit.
2024 Saver's Credit
| Credit Rate | Married Filing Jointly | Head of Household | All Other Filers* |
|---|---|---|---|
| 50% of your contribution | AGI not more than $46,000 | AGI not more than $34,500 | AGI not more than $23,000 |
| 20% of your contribution | $46,001- $50,000 | $34,501 - $37,500 | $23,001 - $25,000 |
| 10% of your contribution | $50,001 - $76,500 | $37,501 - $57,375 | $25,001 - $38,250 |
| 0% of your contribution | more than $76,500 | more than $57,375 | more than $38,250 |
*Single, married filing separately, or qualifying widow(er)
2023 Saver's Credit
| Credit Rate | Married Filing Jointly | Head of Household | All Other Filers* |
|---|---|---|---|
| 50% of your contribution | AGI not more than $43,500 | AGI not more than $32,625 | AGI not more than $21,750 |
*Single, married filing separately, or qualifying widow(er)
Source: 401(k) limit increases to: 23,000 for 2024,” IR-2023-203, Internal Revenue Service (Nov. 1, 2023)
Get the help you need
Talk with one of our Account Executives to find out more and develop an investment plan for your retirement goals.
Information provided by Account Executives is for educational purposes only and not intended as investment advice. Please contact your tax advisor for more information. Investing involves market risk, including possible loss of the money invested.