Saver's Credit
The Saver's Credit is a federal tax credit worth up to $1,000 ($2,000 for couples) for low- and moderate-income workers who save for retirement.
Also known as
Related terms
- Child Tax Credit
The Child Tax Credit lowers your federal income tax for each qualifying child under 17. Some lower-income families can also get part of it as a refund.
- EITC
A refundable federal tax credit for working individuals and families with low-to-moderate income, with credit amounts that increase with earned income up to a maximum then phase out — designed to incentivize and reward work.
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Frequently asked questions about Saver's Credit
What is the Saver's Credit?+
A federal tax credit for low- and moderate-income workers who save for retirement.
Who qualifies for the Saver's Credit?+
Workers 18+ who are not students, not dependents, and within IRS income limits.
How do I apply for the Saver's Credit?+
Claim it on Form 8880 with your federal tax return.
Where can I get help?+
Call BenefitKarma at (866) 201-2604 or use our free benefit screener.